Major firm wouldn't touch Rock valuation 'with a barge pole'

A figure from one of the leading accountancy firms has said that it would not touch the job of valuing Northern Rock 'with a bargepole.'

The Treasury is aiming to get a value of the Rock's worth after the Government's £25bn support package has been stripped out and one of the top firms would naturally be in the running for the job.

The Sunday Times reported the comments in the wake of the new management duo Ron Sandler and FD Ann Godbehere taking control at the Newcastle-based company last week.

Shareholders are fearing the worst because the Rock would have collapsed if the government had not tided it over, implying that they are not in line for a large amount of compensation.

Further reading:

NAO to probe government’s Rock rescue