Motor and home insurance firm Hastings Direct is being lined up for a stock market flotation that could net its boss a £150 million paper fortune, it has been reported.
Neil Utley, who owns a 30% stake in Hastings Direct, is considering an initial public offering (IPO) of the group and is looking to appoint advisers for a possible listing early next year, according to The Sunday Times.
Hastings Direct, which is the main brand of Hastings Insurance Direct, was launched in 1997 and bought by Mr Utley and chief executive Edward Fitzmaurice as part of a management buyout from Insurance Australia Group (IAG) in February 2009.
The group – which has around 650,000 policyholders in the UK – is reportedly valued at £500 million.
Mr Utley and Mr Fitzmaurice are thought to have bought Bexhill-based Hastings for £24 million and then launched a major cost-cutting drive to get the business in shape.
Mr Utley told The Sunday Times: “A flotation is attractive, because we don’t want to sell our business to a rival and we want to retain our people.”
He has already landed a multimillion-pound windfall after selling Equity Insurance, formerly Cox Insurance, to IAG for £570 million in 2007.
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
