SHEILAS’ WHEELS DEAL

SIR Peter Wood will stay on as chairman of Sheilas’ Wheelsowner Esure after its sale to private equity for £1.2bn.

The board of Esure – set up by Wood in 2000 – yesterday agreed to sell the company to Bain Capital for 280p a share.

The deal will see Wood collect £360m for his 30.7pc stake. He will plough £50m back into the firm. The takeover has also won the backing of Martin Hughes, the hedge fund boss known as The Rottweiler who holds a 17.1pc stake worth £200m through Toscafund.

Wood said: ‘It is a great outcome for shareholders, for the company and for customers.’