Niche PPI broker British Insurance is looking to wrap-up its sale by the end of August with five potential buyers in the frame

Niche PPI broker British Insurance is looking to wrap-up its sale by the end of August with five potential buyers in the frame.

The five are made up of an investment bank, a high street bank, a consolidator, a broker and an insurer with each offering a different version on a full or part purchase of the broker.

Simon Burgess, managing director of British Insurance, said: “It has been a long-drawn out process, but what matters is getting the right deal.

“Offers have been made from five different companies and we are looking at everything from companies taking a minority stake to a full 100% takeover.”

With annual PPI premiums totalling some £5.5bn, there is a significant market for any purchaser of British Insurance to exploit.

Rumours have suggested that Burgess could net up to £25m in a sale, although Burgess said: “I think that figure is a little optimistic.”

British Insurance was put up for sale in March.