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
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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies