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.