Company was approached by Cinven, KKR and Apax

Troubled home repair and insurance firm HomeServe has turned down a £1bn approach from private equity buyers, according to The Telegraph.

The paper said the company, which has been embroiled in an FSA investigation over alleged policy  mis-selling, had been approached by buy-out firms Cinven, KKR and Apax.

It added that despite the knock-back, the private equity firms were continuing to monitor the situation in case the FSA investigation prompted Homeserve’s board to reconsider their decision not to sell.

HomeServe revealed in May that the FSA was investigating alleged mis-selling of the company’s household emergency policies.

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