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Northern Rock Sold to Branson

Community Veteran
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Registered: 12-08-2007

Northern Rock Sold to Branson

Sir Richard Branson's Virgin Money has taken over the Northern Rock Building Society, buying it from the Government for £747M
Virgin Money
I wonder if the purchase price was a coincidence or a slight touch of irony Undecided Wink
15 REPLIES
itsme
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Re: Northern Rock Sold to Branson

The sum paid made me smile 747
Virgin Atlantic have 13 747's
Community Veteran
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Registered: 12-08-2007

Re: Northern Rock Sold to Branson

Which was my point Roll eyes Roll eyes
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Re: Northern Rock Sold to Branson

Quote
Chancellor George Osborne said: "The sale of Northern Rock to Virgin Money is an important first step in getting the British taxpayer out of the business of owning banks.
November 2011: Northern Rock plc is sold to Virgin Money for an initial £747m.
"It represents value for money, will increase choice on the High Street for customers, and safeguards jobs in the North East."

By my reckoning its value for Virgin ....................................but a £600m loss for the taxpayer
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Re: Northern Rock Sold to Branson

Quote from: artmo
Sir Richard Branson's Virgin Money

It was originally all his, then Wilbur Ross bought 21% (for $100M) and he is funding significantly the NR acquisition.
Wonder how much Branson will end up with given that NR appears to be bigger than the "old" VM.....
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Re: Northern Rock Sold to Branson

A big plus for Branson but another ginormous minus for the tax payer.
Community Veteran
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Re: Northern Rock Sold to Branson

Do you have a better solution Undecided Undecided
IMO NR should never have been privatised in the first place. Another of Clown Brown's error Angry
pierre_pierre
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Re: Northern Rock Sold to Branson

but did the other clown George have to give it to Richard
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Re: Northern Rock Sold to Branson

Quote from: artmo
Another of Clown Brown's error Angry

I think you'll find all the other parties were in total support at the time.  Lips are sealed
And Darling was the Chancellor.  Wink
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Re: Northern Rock Sold to Branson

IMHO Its different accounting for governments  Smiley
If the business succeeds they get the tax rakeoffs  Cool
And much of labours propaganda is the politics of envy Cheesy
To do is to be - Neitzsche
To be is to do - Kant
do be do be do - Sinatra
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Re: Northern Rock Sold to Branson

@PeterLoftus - some good points which I'm sure formed part of the process in deciding to sell.  Governments have no place in running banks.
@HPsauce, I'm aware that Darling was the chancellor but Brown was involved in all the negotiations.  If you believe what Darling said on TV a few months ago Brown made the decisions not him.
Today's move has been warmly welcomed by all sides and should help NR to get back on track.
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Re: Northern Rock Sold to Branson

Quote from: artmo
IMO NR should never have been privatised in the first place. Another of Clown Brown's error Angry

Thought it was before Brown. I agree should never have been demutualised, the management just didn’t have the experience/regulation to deal with it. Can't think of one of the old demutualised building societies that have been a success story.
http://www.bsa.org.uk/consumer/factsheets/100010.htm
Community Veteran
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Re: Northern Rock Sold to Branson

Now if memory serves me correct Virgin Money banks with RBS Wink
Community Veteran
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Re: Northern Rock Sold to Branson

I was unaware of that but does it make any difference Undecided
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Re: Northern Rock Sold to Branson

Quote from: artmo
@HPsauce, I'm aware that Darling was the chancellor but Brown was involved in all the negotiations.

Actually I misread your post, which referred to privatisation (not nationalisation).
That of course was way back in 1997, admittedly shortly after labour came into office, but I think there was no direct political involvement in the decision/process.
(though the previous Tory administration had been pushing the demutualisation agenda quite hard.....  Wink )
I wonder if those who got large "freebie" payouts at the time should pay them back?  Roll eyes