Nvesta to be bought out this week

Nvesta’s parent, Eurolife Assurance Group (EAG), went into administration in August 2006. Restructuring proposals were submitted in March last year in order to make the repayment to the bondholders, and EAG initially planned to dispose of its entire shareholding in Nvesta before June 2008. That plan has been brought forward to this week.

Nvesta is closed to new business at present but remains solvent and continues to operate. Following a cost-reduction exercise in November 2006, a few members of senior staff left the company, including business development director Anthony Green.

At the moment, it is impossible to estimate the total value of EAG's assets including Nvesta, according to EAG's administrator, F A Simms & Partners. It was stated in the restructuring proposal last year that Nvesta represented only about £630,000 in terms of net asset value.

SP Extra will publish the name of the new owner as soon as we know it.

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