Former Quindell to launch yard sale as boss departs

The chief executive of Watchstone will try to offload its businesses and return cash to shareholders before stepping down at the end of the year, he revealed today.

Indro Mukerjee was parachuted in by the board of the AIM-listed company, formerly known as Quindell, in September 2015.

This was just after the Serious Fraud Office launched an investigation into the insurance outsourcer, which is ongoing.

He will leave after working to sell, split or list its four operating divisions, which include businesses bought by founder and former chief executive Rob Terry.

“Any businesses held beyond 2017 will be cash generative and will not need constant operational management,” Watchstone said.

Pre-tax losses last year fell to £10.8 million, it revealed today.