Hastings Direct News Update: Staff to Share Windfall
Hastings Direct News Update: Staff to Share Windfall. Good news for Hastings staff as Goldman Sachs buys a fifty per cent stake in the insurance company.
The buy in by the American banking giant gives a seven hundred million pounds value to the company. Hastings Direct who are based in Bexhill in East Sussex have said that a large number of their employees hold shares in the company alongside their management colleagues and many of the one and a half thousand pound workforce will benefiting from the windfall. It is thought that around eighty percent of the Hastings Direct staff became shareholders in the company after a 2009 management buy out.
The team that led the buy out in 2009 will be holding on to fifty per cent of the business and the management team that is led by Chief Executive Officer Gary Hoffman will also retain an investment in the group. Within the group are the brands Insure and Renew and People’s Choice, as well as Hasting Direct.
Hastings Direct News Update
Meanwhile it has been a bumper result for the Chairman of the group Neil Utley who is due to net a fortune of tens of millions of pounds after he sold part of his stake in the company. However, Hastings would not be drawn on the exact sum that the American bank were investing through the merchant banking division of its group but did say that the investment would come as a mixture of cash and further debt financing and that the valuation of the group did include its debts. Hoffman said that the move was a great tribute to those in the Hastings team who had worked so hard to bring about the investment windfall.
Hastings Direct have an estimated customer base of just over one million and have increased the number of policyholders on its books by seventeen per cent in its last financial year. It aims to provide insurance to one in ten of those UK customers who require it and they have set a target to reach this figure at the end of this decade. The company’s underlying earning to the end of June of this year was recorded and over eighty three million pounds.
It seems that it is possible for the little man to share in the success of company ventures and the staff of Hastings Direct will surely be delighted with their windfall.
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