Banking giant, Lloyds Banking Group, is expected to take a hit of £450 million as a result of its investment in pub chain Admiral Taverns. In order to finance a series of acquisitions, the group’s Bank of Scotland arm loaned more than £850 million to Admiral but the pub group, which owns more than 2000 pubs, [...]

More: Lloyds in £450m write-off on Admiral Taverns loan

That's another fine example of investment by the previous Bank of Scotland board! Well done Mr Cummings!