Wood, not Lloyds, owns esure

Esure founder Peter Wood told The Herald yesterday that Lloyds Bank, which now owns 70% of his joint venture, cannot sell or restructure the business without his consent.

He said he would not let Lloyds sell its banking products through esure if he did not feel this was the right thing for his customers.

esure announced plans to recruit by 500 people at a Glasgow centre that already employs 610.

Wood said: "They (Lloyds) can't do anything about us at all. Archie Kane (group executive director in charge of insurance and investments at Lloyds) and Victor Blank (chairman of Lloyds) know that very well. The days of being told what to do and reporting to people are gone. I haven't done that for years and years and years."

Wood said: "Let's make it very clear. It is a joint venture. I have control. We have separate capital. We are well reserved, well run, separately capitalised and well capitalised. It wouldn't make any difference who our joint venture partners are. We are obviously doing the right thing."

Wood told the Herald had had complained to Lloyds. "I have had to complain. There has been a few releases where they have said they are going to consolidate the general insurance line. I have spoken to them. They will have to honour the shareholders' agreement whether they like it or not. It is business as usual. Any of my joint venture partners: if they wanted to do something that wasn't right for the business, I wouldn't do it."

"They (Lloyds) can't break the agreement. If they do, they would be in the High Court. They can't sell us because I have control of that. They can only do anything with my agreement.

"I control all exits. I have effectively got control now. I control it."