Quindell share price jumps 16 per cent as it confirms plans to sell part of its business

Emma Haslett
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Quindell has previously denied plans to sell Nationwide Accident Repair Services (Source: Getty)

It looks as though Quindell is making an early start to its new year's resolutions.

Shares in the troubled insurance outsourcer jumped more than 16 per cent in mid-morning trading after it confirmed this morning it has entered into exclusivity arrangements with a third party to dispose an operating division in order to improve its working capital profile.

Although the company did not say which division it is, it added that it's in early talks with "a range of parties interested in exploring possible transactions with the group".

Shares in the company lost more than 90 per cent of their value during 2014, after a scathing report by US-based short seller Gotham City Research suggested it had "magical... paper profits".

As shares fell, the company struggled to regain control, and in November broker Canaccord quit, shortly before chairman Rob Terry stepped down.

That month, it also denied rumours it was planning to sell its 25 per cent stake in Nationwide Accident Repair Services.

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