Belfast Telegraph

Saturday 19 April 2014

Virgin completes Rock deal despite delay calls

Virgin Money completed its acquisition of bailed-out Northern Rock yesterday, despite calls for the sale to be delayed while the UK's national auditor investigates if the deal is good value for money.

The government agreed in November to sell Northern Rock to Virgin Money, the banking arm of billionaire Richard Branson's Virgin Group, for between £747m and £1bn. The deal does not recoup all the £1.4bn spent keeping the bank afloat during the credit crisis.