Hastings Direct boss says no rush for post-election flotation

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The company has appointed Goldman Sachs and Credit Suisse to look at its options and has been tipped to list on the London Stock Exchange shortly after May’s vote. This would land shareholders, including Goldman and colourful entrepreneur Neil Utley, large windfalls.

“We are in no rush and have no definitive timetable,” said Hoffman, who previously ran Northern Rock and investment vehicle NBNK.

The home and motor insurer has 1.71 million customers and saw its pre-tax profits rise 29% to £69.3 million last year. Its gross written premiums were up 19% to £483.4 million.


Hoffman said he expected the motor-insurance market to show further signs of recovery this year after the prices Hastings charge rose during the second part of 2014.

He added: “Plans to open our third UK customer service centre in Leicester are well under way where we aim to employ an additional 230 colleagues by the end of 2015.

“These investments will ensure we are well-positioned to build on our current momentum and take advantage of significant growth opportunities, both short and long term.”

Source Article from http://www.standard.co.uk/business/business-news/hastings-direct-boss-says-no-rush-for-postelection-flotation-10165380.html

April 9, 2015 |
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