B&B sales director resigns
by Kay Murchie
Troubled buy-to-let lender, Bradford & Bingley (B&B), has announced that Mark Stevens, its sales director, has resigned.
The news comes at a bad time for the UK’s largest buy-to-let lender after it recently posted a loss of £26.7 million for the six months to the end of June.
Commenting on the resignation, newly-appointed chief executive, Richard Pym, said he wanted Mark to stay.
B&B has had a difficult few months after news of its £400 million rights issue emerged. The mortgage lender has suffered due to the property market slowdown. However, it hopes that Mr Pym’s appointment will signify the end of a difficult period.
Shares in the lender have suffered lately and have traded near record lows after two previous attempts at fundraising collapsed.
Today, shares in B&B closed 4.6% lower at 46.75p. Since January, shares in the lender have lost 80% of their value since January.
B&B, among other UK banks including HBOS, RBS and Barclays, have all sought to raise extra cash after being hit by the credit crunch.
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