Esure have announced plans to split off from Go Compare, nearly two years after acquiring full control of the comparison site.
Esure bought the remaining 50 percent of Go Compare for £95 million in December 2016, and has since increased the site’s profits by 20-30 percent and widened its product range. Matthew Crummack, previously CEO of lastminute.com, has been named chief executive as the companies prepare to split.
Esure’s chairman Peter Wood commented: “Now is the right time to review strategic opportunities for the Gocompare.com business, including a potential demerger, in order to continue to maximise value for our shareholders.”
Esure shares jumped 2.05 percent on the news to 288.80, its highest price in three months.
07/06/2016
