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JC Flowers thows in the towel
7 December, 2007
JC Flowers has pulled out of the bidding war for stricken lender Northern Rock.
One of the major players in the battle for Northern Rock since the beginning, JC Flowers has revealed that it could not agree a deal acceptable to it and the government so opted to pull out.
This comes after news that former Abbey-boss Luqman Arnold has submitted a fresh proposal to the bank after its first offer was rejected.
His Olivant group said it could repay up to £15bn of government money immediately, slating a full repayment to be completed by 2009.
It would also retain the Northern Rock brand - something that the bank's preferred bidder, the Virgin Group consortium, would not be doing.
If accepted, the newest proposal would see Arnold become executive chairman of the bank until the Bank of England's loan had been fully repaid.