Aviva and Friends Life create £45m emergency fund for Sesame

Debt-laden network Sesame has been given access to a £45m bailout fund by its parents Aviva and Friends Life.

Aviva, owner of Sesame since completing a purchase of the network's parent Friends Life in April, will provide £25m of "support" to the Sesame Bankhall Group (SBG) should it need it to pay "any liability" any part of the group is unable to meet. The Friends Life arm of the enlarged Aviva business has thrown a further £20m into the pot, specifically to cover costs associated with past business reviews, restructuring and solvency and liquidity needs. The £45m fund will be available to Sesame for a period of two years from 17 June 2015. Aviva and Friends' pledges of support for Sesame...