EIS incorporated into new holding company
The remnants of dismembered property services group, Erinaceous, have been incorporated into a new holding company, Caley Limited, as revealed in Insurance Times last week.
Caley, an investment company jointly established by Erinaceous' banks HBOS, HSBC, and Lloyds TSB, has acquired three businesses from the Group, which went into adminstration last week.
Erinaceous Insurance Services (EIS), together with Residential Management and 3C Asset Management (formerly Erinaceous Property Maintenance) have been purchased for an undisclosed amount.
In a statement Caley said the move would provide the former business with long-term stability and a strong financial platform.
It said: "The three businesses all share strong market positions characterised by high quality management and staff, good levels of profitability, low debt levels and positive operating cash flow.
"The opportunity to further develop synergies between the insurance and residential businesses, and between residential and property maintenance, will be actively explored."
Tim Redburn, Chief executive of Caley said: "We are delighted that the banks have shown such strong commitment to these businesses. With substantial long-term backing now assured, we look forward to the future with much positive expectation and confidence, as we build on their reputations for excellent service provision and further develop their leading market positions."