Over 50s insurance and holiday provider Saga could be forced into an IPO following a lukewarm response from private equity groups.
Although up to 40 venture capitalists were thought to be preparing bids for the purchase, interest has waned following negative advice from analysts. That and the appointment of utility boss Robert Walker as chairman designate has led to suggestions the company is already resigned to an IPO.
An adviser on the sale said: "No one made money underwriting the Saga book for the last few years, but that is exactly what the group now does from Gibraltar. As a broker it made money but it is very hard to make a profit these days underwriting."
A number of venture capitalists, including Warburg Pincus, are known to have walked away from the sale because of this advice, while others are planning to move the underwriting back to the UK if their purchase is successful.
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