Aviva puts RAC arm up for sale

ROADSIDE rescue business RAC has been put up for sale by its insurance owner Aviva as it divests non-core parts of the company.

The RAC’s value has been placed at about £600-700m, just over half the £1.1bn Aviva paid for it in 2005, after a series of sell-offs of its parts, including the BSM driving school. At Aviva’s results presentation earlier this month, chief executive Andrew Moss said it would sell non-core assets this year to focus on 12 key markets.

JP Morgan is the bank believed to have been appointed to sell the business.