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Advent bought the business, which provides insurance on major appliances and electronic products to 15m customers, in 2007. Since buying the company it has expanded its non-UK business and now generates a quarter of its £600m of annual sales from outside the country.
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The service was not cheap. Bird said he spent about $700setting up Comcast's Xfinity home product at his beach house forcameras and sensors, as well as other features that allow him tocontrol the thermostat and lights when he is away.
Consumer spending accounts for about 70% of US GDP. Official figures showed that consumers spent less in the second quarter than in the first, with personal consumption expenditure up 1.8%, compared with 2.3% previously.
"It's just another piece of bad news," a Milan-based tradersaid.($1 = 0.7448 euros) (Reporting by Agnieszka Flak and Elisa Anzolin in Milan andThomas Grove and Steve Gutterman in Moscow; Writing by AgnieszkaFlak)
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