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Olivant to submit proposal for Northern Rock by February deadline

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by Kay Mitchell

Investment firm Olivant, run by former Abbey chief executive Luqman Arnold, has announced that it will submit a proposal for crisis-torn Northern Rock by the February 4 deadline.

The Government has outlined plans to turn the £25 billion lent to Northern Rock by the Bank of England into bonds guaranteed by the government.

The bonds will be sold to private investors under the plans, drawn up by investment firm Goldman Sachs, potentially to speed up a private sale.

This would avoid nationalisation of the bank but it is not yet known if private buyers will have the funds required for the deal.

Mr Arnold has welcomed the move and said we have always said our plan seeks to find common ground between all stakeholders in Northern Rock by restoring the fortunes of the company and its brand.

To date, there are 2 other proposals for Northern Rock who include a consortium led by Sir Richard Branson’s Virgin Group and a standalone plan is being developed by the board of Northern Rock.

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Story link: Olivant to submit proposal for Northern Rock by February deadline

News posted: January 22, 2008

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