© 2007 Michael J Alexander
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British Insurance says sale will secure growth
Payment protection specialist British Insurance has confirmed it is seeking a buyer.
Managing director Simon Burgess said the reason for the sale is to expand. “We want to grow which is why we need an injection of capital.” British Insurance is based in Braintree, Essex and employs eight staff.
He added that the current Competition Commission investigation into the payment protection market would not cause problems.
“Much of the market is in disarray but we are an ethical company and so a buyer will be able to take advantage of this.”
It has been mooted that British Insurance could fetch as much as £25 million. But, Burgess said this was “optimistic.”
He added: “We’ll fetch a strong price though and a company is buying a strong brand – I think our name is the best in the insurance industry.”
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