HomeServe sells emergency repair business
UK-based domestic insurance group HomeServe has sold its loss-making emergency repair services unit for £11 million.
HomeServe Emergency Services (HES) was acquired by Midlands-based LDC, the private equity arm of Lloyds Banking Group.
The division posted a loss for the first half of this year, and HomeServe was reportedly keen to sell it off, reducing its valuation by £97 million to make the sale.
HES is made up of three trading businesses, including HomeServe Glass and Locks, which provides emergency glazing and locks; HomeServe Chem-Dry, which provides emergency restoration of water damage and accidental damage; and HomeServe Content Services, which provides software to help insurance firms validate contents insurance claims.
Glass and Locks and Chem-Dry both have significant contracts with major UK insurers.
HES employs 2,400 people at offices in Norwich, Nottingham, and Beverley.
Richard Harpin, HomeServe founder, said selling off HES is a “major step forward” for the company.
“HomeServe is now focused on building a worldwide membership business from which we are well placed to deliver growth this year and into the future,” he said.
LDC said it plans to rename HES as the Evander Group.
Category: Companies News, Insurance News
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