Miller Fisher is selling its insurance subsidiary Homecare Holdings to CPP Holdings for £4.5m.

CPP will pay an initial £2.2m in cash, which will be adjusted according to the value of Homecare at the time of completion. CPP will also take on Homecare's bank debt of £2.25m.

Homecare Holdings is the parent company of Homecare Insurance which specialises in theft and accidental damage insurance for mobile phones and other electrical goods.

Homecare Holdings made a pre-tax profit of £240,000 in the year ending 1999.