Quindell shares hammered again

SHARES in the legal, insurance and telecoms outsourcing group Quindell fell to a new 2014 low yesterday after former chairman Rob Terry sold off more of his holding.

The shares closed down 11% at 34p but had earlier nearly halved in value to 24p.

The business, which has has bought five North West businesses in recent years, including Liverpool personal injury law firm Silverbeck Rymer and Blackpool’s AI Claims, now has a market value of £120m. At the start of the year the shares were worth 626p giving it a value of £2.7bn.

The firm has lost value since being attacked by short sellers, then an attempt by Mr Terry to restore confidence in the business by buying shares backfired. Last month the company admitted that three senior directors, Mr Terry, Lawrence Moorse and Steve Scott, had actually been net sellers of its shares.

They later agreed to step down but confidence was further dented on Monday when the company said it had hired accounting group PwC to conduct an independent review into its accounting practices.

Meanwhile, Quindell said the insurance group Swinton had renewed a major motor claims processing contract, including accident management, hire, repair services, and legal services.