Virgin buys Northern Rock

Although the exact value of the transaction has not been disclosed it was estimated to be between £747-million and £1-billion. Calls for the national auditor to investigate the deal prior to its finalisation were apparently ignored.

The deal will not recoup the £1,4-billion spent by the government to keep the bank afloat over the past three years. Northern Rock was the first victim of a run on a British Bank in recent times.

For more:

• Fin24: Virgin gets Northern Rock despite protest
  
• Northern Rock: homepage