Paragon considering Northern Rock bid
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Buy-to-let lender Paragon is considering making a bid for Northern Rock, according to reports.
The Telegraph says Paragon has asked for information on the sale of the bank and could bid for the whole company or try to acquire loans.
Paragon reported a 34.8 per cent increase in pre-tax profits to £39.5m in the first half of 2011, up from £29.3m in the first six months of 2010.
It returned to new lending in September after suspending lending for two and a half years.
Northern Rock was nationalised in 2008 and split into good and bad banks, Northern Rock and Northern Rock Asset Management, in January 2010.
Last month, Chancellor George Osborne announced the Government was putting Northern Rock up for sale.
Osborne said the Government will hold on to Northern Rock Asset Management as its assets are run down over time.
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