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Sesame confirms strategic review

George Higginson new
Sesame Bankhall Group chief executive George Higginson

Sesame Bankhall Group has confirmed Barclays has been appointed to “review strategic options” for the business.

Last week, Money Marketing reported Sesame parent Friends Life had put the business up for sale, with Barclays appointed to look for potential buyers.

A private equity-led management buyout is seen as a possible option.

A statement published by Sesame today says: “Sesame Bankhall Group has today confirmed that Barclays Capital has been appointed to review strategic options for SBG. This work is at an early stage.”

Friends Life bought Sesame from software company Misys in May 2007 for around £75m and took on all past liabilities as part of the deal.

In October 2009, Sesame completed the acquisition of Bankhall and PMS from Skandia and rebranded as Sesame Bankhall.

In August 2011, Friends announced it was splitting its operations between an open book and closed book of business, which saw Sesame Bankhall Group executive chairman Ivan Martin report to the UK Heritage Business. George Higginson was promoted to chief executive of SBG in November 2011.

SBG’s latest accounts show the group made a trading profit of £2.2m in 2011, down 56 per cent from £5m in 2010. The firm’s network arm Sesame Limited made a loss of £2.5m. It paid out £11.4m in claims and set aside £7.4m for future complaints.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. That photo, to think he runs the show.

  2. isnt there a better photo of higginson than startled rabbit style?

  3. Is this the type of review Sesame wants Barclays to undertake?

    Scandal-hit banking giant Barclays has said it was axing at least 3,700 jobs under a strategic overhaul, but revealed it was paying £1.85 billion in bonuses to staff.

    I wonder where Sesame as a network is heading because it seems to be a rudderless ship at the moment with its focus in all the wrong areas?

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