Goldman Sachs backs Hastings deal

Goldman Sachs’ private equity arm is set to announce a £150m investment in insurance group Hastings Direct that will leave chairman Neil Utley cashing in tens of millions of pounds from the business he turned around after buying it in 2008.

The chief executive Gary Hoffman, who joined last year after reviving Northern Rock, is also to announce a £420m bond issue. GS Capital Partners will take a near-50% stake in a deal that could be announced today.