The world’s most annoying opera tenor could soon be singing solo after the insurer Esure said it was considering splitting off its Go Compare price comparison site.
Esure took full control of Go Compare in December 2014 when it bought the 50% it did not own for £95m, valuing the business at £190m at the time. After a year in Esure’s ownership, Go Compare is on track for profits to rise by 20-30% and is selling a wider range of products, Esure said.
Esure has installed Matthew Crummack, the ex-boss of online travel agent Lastminute.com, as chief executive to prepare for a possible demerger. Crummack replaces Jon Morrell, who took over from founder Hayley Parsons when she sold her stake to Esure for almost £44m.
Parsons launched Go Compare in 2006 from her kitchen table in Newport, south Wales. The site allows consumers to check prices online of products such as home, car and travel insurance and household energy deals.
Since 2009, Go Compare’s advertisements have featured an opera singer, Gio Compario, who pops up singing a reworked version of the song Over There to remind consumers to “go compare” before buying financial products. He is played by the Welsh tenor Wynne Evans.
Peter Wood, Esure’s chairman, said: “Now is the right time to review strategic opportunities for the Gocompare.com business, including a potential demerger, in order to continue to maximise value for our shareholders.”
