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Article: Northern Rock rolls towards Virgin's enticing embrace.(Business)
- Article from:
- Western Mail (Cardiff, Wales)
- Article date:
- November 27, 2007
CopyrightCOPYRIGHT 2007 MGN Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: By Holly Williams
Stricken mortgage lender Northern Rock was yesterday in "accelerated" talks with the Virgin-led consortium after naming it as the preferred bidder.
Sir Richard's team is planning to brand Northern Rock under the Virgin banner and pay back pounds 11bn of the estimated pounds 25bn borrowed from the Bank of England immediately.
It promised a "clear path" towards repayment of the remainder of the loan.
Virgin also hopes to retain most of Northern Rock's 6,000 staff if its bid is successful.
Prime Minister ...