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Resolution denied access to B&B books

Resolution has revealed that Bradford & Bingley has denied it access to its books to conduct due diligence.

Clive Cowdery’s investment company made a £400m bid to acquire a controlling stake in the bank as part of a £2bn consolidation drive to bring together smaller banks and lenders.

The B&B board publicly rejected the bid on Tuesday with a stock market announcement asserting that it continues to recommend proposals for a rights issue and the sale of a 23 per cent stake in the bank to Texas Pacific Group.

Resolution says it met with the B&B board yesterday and was denied access for due diligence.

The company says it has had detailed discussions with the Financial Services Authority and believes its bid would have met with regulatory approval.


Kilminster loses £190k court case

A former client of Kilminster Financial Management has won £190,000 in a court case against the network for neglect of his occupational pension scheme.The news could be a blow to creditors of KFM, including ex-advisers and shareholders. A creditors’ meeting is scheduled for July 16 to appoint a liquidator for the firm.David Reid had set […]

Hornbuckle Mitchell sale could raise £40m

Sipp provider Hornbuckle Mitchell has put itself up for sale and appointed Ernst & Young to deal with offers from potential buyers.Hornbuckle employs 170 staff and administers 8,500 pension schemes with a total asset value of over £2bn. Its accounts for the year ending December 2007 show profits of more than £1m.Sipp specialist Suffolk Life […]


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