UK motor insurer Cox Insurance has confirmed reports of approaches from potential buyers.
It was reported that Cox had held talks with a consortium led by Neil Utley, the former chief executive of its core retail division who was ousted just five months ago.
According to reports, Utley is believed to have secured backing from Englefield Capital, the UK venture capital group, and the private equity arm of Lloyds TSB.
In a statement to the London Stock Exchange, Cox said it was "in preliminary discussions that may or may not lead to an offer for the company at a material premium to the recently traded share price".
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