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Goldman Sachs eyes Kensington bid

Goldman Sachs is reportedly among the pack of bidders for Kensington, Investec’s UK intermediary mortgage arm.

The Sunday Times reports Goldman Sachs is the lead bidder among several firms circling Kensington, which include challenger banks Virgin Money and Metro Bank, and buy-to-let lender Paragon. The newspaper says several private equity firms are also interested in the business.

Fenchurch Advisory has been appointed to manage the sale, codenamed Project Koala.

The Sunday Times says Kensington is expected to make around £35m in profit for the year to the end of March, and in total has advanced close to £4bn in mortgage lending.

Investec announced last month it was looking to sell Kensington after receiving “certain expressions of interest”.

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