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Friends Life looks to sell Sesame

by Jun Merrett on Feb 06, 2013 at 10:53

Friends Life looks to sell Sesame

Product provider Friends Life has put Sesame Bankhall Group up for sale.

New Model Adviser® understands that a 'teaser' document providing a summary of Sesame with an invitation to buy has been sent out to banks, insurers, investment houses and private equity houses over the past few weeks.

Sources close to the situation said Sesame's management, including chief executive George Higginson (pictured), wanted to make capital and Friends Life wanted to streamline its business strategy which did not include owing an advisory division.

It is also understood that Barclays Investment Banking department has been appointed to find buyers for the business.

Friends Life bought the network from Misys in May 2007 for £75 million.

In December the life company announced it would cut 150 roles as part of an ongoing restructure. In July 2011 the company announced plans to close its Basingstoke office and consolidate its Manchester office by the end of 2012 which put 295 jobs at risk.

In November 2011 the company also signed an outsourcing deal with Diligenta, a subsidiary of Tata Consulting which led to 1,900 IT and customer service roles moving to Diligenta.

Friends Life and Sesame said they would not comment on market speculation.

7 comments so far. Why not have your say?

Fabulous Salaries Association

Feb 06, 2013 at 11:55

Is it me, or could George Higginson and Big Bird be twins?

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Richard Hardy

Feb 06, 2013 at 12:47

I'm out.

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DS

Feb 06, 2013 at 13:58

Big Bird or Gonzo from the muppets!

Or google images probiscus monkey...

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king

Feb 06, 2013 at 14:56

Got to be big bird, as he was on Sesame St.

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Dathan Steele

Feb 06, 2013 at 21:35

Oh dear..... as this old school network is only still afloat due to the Provider's money then heaven help them if they get sold to some poor sap who actually thinks they can make money from them. Cue FSCS levies and even more expense.

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Anitaki

Feb 06, 2013 at 22:09

£5 bid

As long as they take all liabilities for all previously written and transferred in business

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Dathan Steele

Feb 07, 2013 at 11:14

Thing is Anitaki, FSA would have to agree that you could buy it....and despite lots of evidence to the contrary they are not daft and realise that any potential buyer needs to have deep, deep pockets, preferably in the form of a nice opaque WP fund to take money from to keep the dinosaur afloat....

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