Former Quindell Watchstone to split and unit to break apart in preparation sale
Watchstone has said that all “all remaining businesses will be prepared for divestment” and the boss Indro Mukerjee is to depart at the end of the year.
Its different divisions will have their “own dedicated management team” and will “be shaped to operate more autonomously”, it said.
Murkerjee said sales, demergers and even IPOs would be considered, reports The Telegraph.
The firm, which was the rebranded part of what remained of Quindell, has suffered a number of problems.
Quindell was originally formed by controversial businessman Rob Terry. He sold the legal business to law firm Slater and Gordon in a £637m. Since then, Slater and Gordon’s share price has collapsed and the firm is now suffering severe financial difficulty.
Slater and Gordon is now suing Watchstone. A Serious Fraud Office probe continues into the activities of the business when it was Quindell.
Watchstone posted a pre-tax loss of £18.9m for 2016, compared with a £177.7m loss a year earlier.