Companies  

Aegon UK 'looking to offload' Origen, Pos Solutions

The news comes as reports suggest that Clive Cowdery, who heads the Resolution consolidation vehicle, has the Edinburgh-based life and pensions business in his sights. After buying Friends Provident last year Mr Cowdery made it clear he was looking for another big acquisition.

Aegon UK announced in its interim results last week that combined losses increased from £1m in 2008 to £16m last year.

In last year's fourth quarter Positive Solutions and Origen recorded losses of £8m due to adverse market conditions, according to a statement from Aegon published as part of its results last week.

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In the third quarter of last year the IFA firms recorded losses of £3m, whereas in the same period of 2008 they were in profit by £3m.

This week it was also announced that Patrick Gale, the former chief executive for Sesame, has been appointed chairman of the Aegon UK distribution board, the non-executive board which oversees its distribution businesses.

Origen made losses of more than £1.2m in 2008 and is a "going concern" for its parent company Aegon UK, according to a Companies House report. Origen made a loss of £614,000 in 2007, according to Companies House.

The Companies House report for Origen stated: "The company is dependent on its parent company, Aegon UK Distribution Holdings Limited, for financial support."

"Aegon UK Distribution Holdings Limited has given a letter of support to the company for a period of at least 12 months from the date of approval of the balance sheet of the company.

The report says: "Based on this parent company financial support, the financial statements have been prepared on a going concern basis."

The director's report for Origen was approved by the Board on 14 August 2009.

Lesley McPherson, head of corporate media for Aegon UK, said: "Providing a letter of support to accompany accounts is quite common within group businesses. This letter, which refers to 2008 figures, demonstrates Aegon's commitment to Origen as part of the Aegon UK group."