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27 February 2013
Following wide press speculation over recent months, esure has this morning announced its intention to float on the London Stock Exchange. The company will raise a combination of £50m new money through the Initial Public Offering (IPO), and an undisclosed amount from the partial sale of existing shares, estimated to be between 35 per cent and 50 per cent of the company. The proceeds will be used to remove existing debt and accelerate growth.
The offer timetable is to be confirmed including the dates relating to the application period, though the IPO pricing and allocation is thought to be due for completion in March.
Shares will be available to applicants from the United Kingdom, Channel Islands and Isle of Man.
Individuals who wish to find out more and apply for shares in due course, once the prospects has been issued, should register their interest at www.redmayne.co.uk/ipos, call their usual Redmayne-Bentley branch or contact our Dealing Room on 0800 496 5606.
Esure was founded in 2000 by Chairman, Peter Wood, to offer competitive insurance cover by using the Internet as a primary sales channel. It is best known for its jingle and catch-phrase heavy advertisements featuring the late Michael Winner.
Mr Wood pioneered the direct selling of insurance over the telephone back in 1985, when he launched Direct Line. With esure, his aim was to go a step further and harness the efficiency of the Internet to give a better deal to responsible drivers and careful homeowners.
The company launched the Sheilas' Wheels brand in 2005, initially offering just car insurance. Sheilas' Wheels has gone on to be one of the most recognised female insurance brands in the UK. Sheilas' Wheels home insurance was launched in 2008 and, more recently, Sheilas' Wheels travel insurance in January 2010.
In February 2010, Peter Wood led a management buy-out of the stake in esure originally held by Halifax/HBOS and latterly Lloyds Banking Group.
Esure employs over 1,500 staff and has call centres that are located only in the UK.
Public Relations Executive
Tel: 0113 200 6476
Branch: Leeds (Head Office)
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