Mon, 23 May 2011 | BUSINESS SALE
Rumours have surfaced that the British arm of the emergency cover provider, EuropAssistance, is to be sold off by its Italian parent company, according to sources at Sky News.
According to the report, the Italian insurance group, Generali, is looking to offload its British operation, and has appointed advisory firm, Fenchurch Advisory Partners to begin a search for potential buyers for the business.
It is believed that the value of the sale could run in to tens of millions of pounds and that most of the interest in buying the company is likely to come from private equity firms and other insurance companies.
EuropAssistance is a national provider of general emergency service work, ranging from roadside motoring repairs to domestic damage caused by burst water pipes to the effects of having your identity stolen.
The news that the UK operation is to be sold comes not even a week after the company completed an overhaul its senior UK management team. Peter Dingle was appointed last week as commercial director, completing a new-look top table that also saw David St Clair appointed as director of operations and Latif Sayani as chief financial and information officer.
In a statement released last week, the UK's managing director, Patrick Leroy, said he was delighted to have the new team in place ready for the company to "move into an exciting period".
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