Private equity entrepreneur eyes Direct Line Group

Private equity firm Tungsten has made an informal expression of interest in buying Direct Line Group, according to the FT.

Royal Bank of Scotland Group is understood to have been approached by several parties - mainly private equity - in recent months, the newspaper said.

Edi Truell founded Tungsten with his brother, Danny, chief investment officer of the The Wellcome Trust, one of the UK’s largest charities. The private equity firm plans to list in May.

Truell had not made a formal bid and RBS is expected to stick with its flotation plans for Direct Line.