BusinessCompany NewsBDO confirmed as Northern Rock valuer

BDO confirmed as Northern Rock valuer

Treasury appoints Andrew Caldwell to put a value on stricken mortgage lender before it was taken into state ownership.

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

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