LV= sell-off could knock the mutuals movement for six
After 178 years of history, mutual insurer LV= faces a crunch moment this week, when its members decide whether to sell to US private equity firm Bain Capital.
In a deal worth £530m that was first mooted a year ago, the battle for control of the firm once known as Liverpool Victoria will come to a head on Friday when its 1.1 million members cast their votes in a poll that could lead to the demutualisation of one of Britain’s oldest and largest customer-owned businesses.
While the board of LV= insists that selling will protect the firm’s future – and is in the best interest of members – the tussle has caused political waves and caught the mood of wider changes in British society.
By the end of this week, Britain may have one less mutual firm, a
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