View more on these topics

Network Data fails to find buyer for broker business or HQ

Network Data Holdings has revealed that it failed to find a buyer for the broker business or its mansion headquarters after two months of negotiation.

The group announced on January 28 that it had received a preliminary approach for the company, and since then the board has held discussions with a number of interested parties regarding the possibility of an offer.

But it has admitted that none of the discussions have resulted in an acceptable offer for the company.

As a result, the board has announced that no offer has been made for the group’s ordinary shares and it is no longer in discussions with any party regarding the sale of Network Data Holdings as a whole.

It also revealed that it is in the midst of trying to agree a deal with its bank so that it can carry on running the group while it continues to seek a buyer for both its mortgage broking business and its headquarters Botleys Mansion, currently being marketed at a guide price of £5m by Knight Frank.

The board says it will continue to “pursue interested parties” in trying to sell the group’s broker network.

In a statement to the stockmarket, Network Data said: “The board has concluded that in light of the financial position of the company and the current difficult trading conditions in the mortgage broking market, it is in the best interests of the company to pursue the approaches for the mortgage broking business.”

The group also says the original bidder for Botleys Mansion, rumoured to be celebrity chef Gordon Ramsay, will not be able to complete the purchase of the property.

A spokeswoman for Gordon Ramsay Holdings would not confirm or deny that it has made an offer for the property.

Recommended

Fitch downgrades the Pru

Rating agency Fitch has downgraded Prudential’s long-term issuer default rating from AA to AA- and senior unsecured debt rating from AA- to A+ to reflect the firm’s exposure to volatile markets.

Banks get billions but won’t lend

MPs are angry that banks which signed lending agreements for the asset protection scheme are not keeping their side of the bargain.At a Treasury select committee meeting to discuss the Bank of England’s inflation report on Tuesday, Labour MP Nick Ainger said: “They signed the agreement and we have been thrusting billions at them and […]

Health - thumbnail

Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com