Clive Cowdery to float “new” Resolution

by Gill Montia

Story link: Clive Cowdery to float “new” Resolution

Clive Cowdery has revealed plans for a £1 billion flotation of Resolution, a new acquisition vehicle.

The company has the same name as an earlier venture by the insurance entrepreneur: the closed life consolidator acquired by Pearl Group last year.

The initial public offering of the new Resolution is due to take place in November and the funds raised will be used to buy outright, or acquire stakes in, financial services companies.

The group will be looking for firms with restructuring potential in the banking, life insurance and asset management sectors.

It will also consider opportunities in the reinsurance and general insurance sectors but will focus less on these markets.

Mr Cowdery is hopeful that the flotation of Resolution will attract existing shareholders of financial services companies who are keen to see the businesses restructured.

Mike Biggs, chief financial officer at the original Resolution, has been appointed chairman of the new business and John Tiner, a former head of the Financial Services Authority, will lead the restructuring of the companies to be acquired.

In June, Mr Cowdery failed in an attempt to acquire a stake in troubled buy-to-let lender Bradford & Bingley; he is now reported to be eyeing Friends Provident.