Groupama puts Carole Nash and Bollington up for sale
French insurance giant Groupama has put its UK businesses on the market, including north west operations Carole Nash and Bollington.
Groupama paid more than £80m for Altrincham-based motorcycle insurance specialist Carole Nash in December 2006. The firm was founded by Carole Nash at her kitchen table in 1985.
Groupama has held a majority stake in Manchester-headquartered Bollington since 2007.
Groupama UK chief executive Francois-Xavier Boisseau has confirmed the disposal plans, telling Insurance Times: "The sale process will start very soon.
"The group will decide on the quality of the offer, and if it will conclude the sale."
He added that Groupama has already received an unsolicited approach for its UK business.
Mr Boisseau ruled out selling the assets on the cheap but said the process would be completed as quickly as possible, adding it would be 'business as usual' in the meantime. The sale is being handled by Deutsche Bank.
Groupama, which has more than 39,000 employees worldwide and serves over 16m customers in 14 countries, has been severely affected by the eurozone debt crisis, suffering losses on holdings of Greek debt and stock market investments.
In the UK, it has an insurance division which has an underwriting operation in Spring Gardens, Manchester, and a broking arm, which includes Carole Nash and Bollington.
Bollington specialises in insurance services to the motor trade, care homes, private hospitals and charities, as well as providing commercial and personal cover.
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French insurance giant Groupama has put its UK businesses on the market, including north west operations Carole Nash and Bollington. Groupama paid more than £80m for Altrincham-based motorcycle insurance specialist Carole Nash in December 2006.
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