Falling out with Lloyds Bank prompts fund-raising for deal
Peter Wood is lining up finance to buy out the Lloyds Bank’s stake in Esure, the Sunday Times reports.
Penta Capital and Toscafund, both chaired by Sir George Mathewson, Wood’s former boss at RBS, are named as backers.
Wood chairs the business, which he set up as a joint venture with HBOS in 2001. Lloyds has a 70% stake, with managers owning the rest. Wood owns only 24% of the shares, but legal clauses mean he has control of the business.
