BusinessCompany NewsChartered accountant leading Virgin’s Rock rescue

Chartered accountant leading Virgin's Rock rescue

A chartered accountant looked set to take over troubled mortgage lender Northern Rock this week

Sir Richard Branson’s
Virgin Money operation
was named as preferred bidder for the Newcastle-based bank, with ICAEW member
and CEO of Virgin Money Jayne-Anne Gadhia at the helm.

The bid, if successful, will see £11bn immediately returned to the taxpayer
as the new group seeks to pay back the Bank of England’s loans, with a further
£11bn down the line.

The bid needs the support of shareholders, however. Northern Rock faces
administration or nationalisation if the rescue packages are unsuccessful,
however neither plan would be attractive to shareholders.

Gadhia worked at RBS before taking on her role at Virgin. She left Ernst
& Young shortly after qualifying to move into the private sector.

Gadhia said this week: ‘This feels like one of those events that only comes
along once in a lifetime.’

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor