17 March 2015 Insurance

Quindell in talks to sell professional services unit

Insurance outsourcing firm Quindell has confirmed that it is in acquisition discussions regarding its professional services division with law firm Slater & Gordon.

Quindell said that a number of deal structures have been discussed, including one with an upfront value of £640 million and a share of receipts from settlement of noise induced hearing loss cases.

According to reports, Vince Cable, the business secretary, has written to the Financial Conduct Authority calling for information on the regulators response to the share-price collapse of Quindell last year.

In November last year, Robert Terry, the chairman of Quindell, resigned from the board. He was replaced in January when Richard Rose joined the board as non-executive chairman and Jim Sutcliffe joined as strategy director and deputy chairman.

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