Nvesta salvage offer accepted

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AN offer to salvage Nvesta, the structured product provider owned by the debt-ridden Eurolife Assurance Group, has been accepted by administrators and represents good news for 12,000 existing fundholders.

Those close to the deal expect it to go through within weeks and a formal announcement to be made early next month. A number of firms and consortia have shown an interest in taking on the business since its sale was announced last month, among them, according to speculation, a group including Graham Devile, former managing director of Nvesta. The unnamed buyer is going through due diligence procedures and Nvesta staff were this week making preparations for an inspection of files and accounts. Provided this goes smoothly it is likely Nvesta will continue as a going concern under the s...

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