BDO confirmed as Northern Rock valuer

The Treasury has appointed Andrew Caldwell of BDO Stoy Hayward as the independent valuer of Northern Rock.

Accountancy Age revealed earlier today that BDO were set to be appointed, with the Treasury confirming the appointment this afternoon.

BDO will be required to say how much the lender would have been worth if it had not been propped up by the Bank of England, in an attempt to resolve issues of compensation for shareholders.

The choice of BDO may come as a surprise. A Big Four firm would normally have been expected to take up such a role, so it may be seen as a big coup for BDO.

The Treasury said today the number of people applying for the role was in 'double figures', refuting the suggestion that few firms wanted to go near the project, given the possible litigation risks.

Caldwell is head of valuations at BDO, and a founding member of the Society of Share and Business Valuers.

The appointment process was overseen by ICAEW chief executive Michael Izza and a panel comprising him and other senior figures.

An expert team from BDO Stoy Hayward and from outside professional firms will support Caldwell, the Treasury said.

Further Reading:

BDO to be named Rock valuer