Esure confirms Gocompare split

Esure, the insurer once known for Michael Winner’s “Calm down dear” adverts, is parting company with the comparison website Gocompare.

After three months’ deliberation esure has decided to give Gocompare to its own shareholders through a demerger which will see each of them receive shares in the comparison website on a one-for-one basis.

That will mean esure founder Sir Peter Wood remains the largest shareholder, with 31% stakes in each firm.

Esure chief executive Stuart Vann denied it had received any approaches to buy Gocompare, promoted by annoying Italian tenor Gio Compario, since it put it up for review in June.

He said: “This… will enable both businesses to grow strongly.”

Esure will load Gocompare up with £75 million of debt and take £63 million out of it in dividends ahead of the split.

Analysts reckon Gocompare could be valued at upwards of £430 million.