House price search
Enter your postcode here to find out how much your property is worth, based on Land Registry data.
RSS Feed
Daily news archive
Olivant drops out of Rock battle
4 February, 2008
Olivant has unexpectedly pulled out of the running for Northern Rock at the eleventh hour, according to reports.
After laying its bid on the table in November, Luqman Arnold's independent investment group, Olivant, has announced its withdrawal from the race.
It has cited failure to come up with a suitable plan which conforms to its 'investment criteria' as the main reason for the last minute decision.
According to reports from the BBC, this translates as a withdrawal after learning that it would have to pay back Northern Rock's governmental loans within the next three years - two years sooner than it had proposed.
This leaves only Richard Branson's Virgin consortium, the bank's preferred bidder, vying for ownership, alongside Northern Rock's own management who are attempting to retain their hold on the ailing lender.