Esure shareholders to vote on Gocompare demerger on 1 Nov

Esure updated the market on its proposed demerger of Gocompare.com on Tuesday, saying shareholders get to vote on it at a general meeting on 1 November.

The group had announced plans in September to spin off its financial services comparison website via a flotation on the London Stock Exchange.

Esure said at the time that after a strategic review, the demerger was deemed the best way to maximise the potential of both businesses.

Chairman Sir Peter Wood said: “Following the strategic review and the appointment of Matthew Crummack as CEO of Gocompare.com, we believe that a demerger of Gocompare.com from Esure will allow both entities to thrive and reach their full potential.

“Esure and Gocompare.com are distinct businesses, which are both underpinned by strong brands. A demerger will allow the separate management teams to focus on their independent strategies, and also enhance their ability to align senior management incentives.”

At 1320 BST, Esure shares were down 0.9% to 294.30p.