The Big Four are set to fight it out to land a lucrative deal to value nationalised bank Northern Rock.

The government wants to put an estimate on what the value of the bank would be if it had not had government support. The Big Four firms are thought likely to pitch for the deal. A source at one of the firms said this week that it had not been approached as yet, but that the work was ‘one of the services we do offer’.

Northern Rock declined to describe the work, or who would be contracted. The company was nationalised on Sunday, with Ron Sandler taking up a role as executive chairman, and Ann Godbehere, former FD of Swiss Re, becoming FD. Godbehere starts on £75,000 a month, with other details about auditors and advisers unclear as Accountancy Age went to press.