Royal & Sun Alliance has begun exclusive talks with a foreign company that wishes to buy its estate-agency subsidiary, according to reports.
R&SA runs one of Britain's largest estate-agency operations, including Fox & Sons and Barnard Marcus. According to reports, Cendant is the forerunner to buy R&SA's 360-strong chain, which has been rebranded as Sequence.
Cendant, the American group that owns Century 21, Ramada Inn, Avis, Budget rental cars, and property firm Coldwell Banker, is believed to have ambitions to expand internationally.
Andy Haste, R&SA's chief executive, identified the chain as "non-core". Sequence has been rumoured to be for sale for a number of months, but the report claimed the sale price could be less than £30m.
Last year Countrywide made a £42m bid to buy the business, but was rejected.
