Friends Prov sales fall to £500m

Sales at Resolution, owner of Friends Provident, have fallen 28% so far this year.

Resolution, Clive Cowdery's consolidation vehicle, which acquired Friends on 4 November, says its results reflect the difficult conditions in the UK market. Total sales for the first nine month of 2009 were £505m, down from £701m in the same period last year. Resolution says it continues to target further takeovers in the UK life and asset management sector as part of its consolidation drive, saying there are significant opportunities for synergy and restructuring. It also revealed many Friends Provident shareholders had opted to take Resolution shares rather than cash, with just £...