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Four bidders officially enter Northern Rock sale

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  • 29/07/2011
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Four bidders officially enter Northern Rock sale
Northern Rock has received four official bids ahead of today’s deadline for initial indications of interest, including a proposal from Virgin Money, Mortgage Solutions understands.

Alongside Richard Branson’s group, Coventry Building Society, Paragon Group and business consolidator Resolution, have also been named as among the bidders in a report by the Telegraph.

None of the companies involved would confirm or deny the reports.

In addition, further interest is expected from private equity firms, including JC Flowers, according to the Telegraph.

Chancellor George Osborne announced in June that the nationalised lender will be sold of floated on the stock market, despite ongoing calls from MPs to remutualise the lender.

UK Financial Investments, which controls the government’s interest in Northern Rock, Lloyds Banking Group and the Royal Bank of Scotland, aims to identify a bidder for Northern Rock by the end of this year.

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