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Category: Northern RockSyndicate content

Lloyds Banking Group has followed Northern Rock in reporting a return to profit for the first half of the year. It reversed a £4bn loss to a £1.6bn profit as its bad debts halved.

Approximately 46,900 UK companies have gone bust between last week (to 11 September 2009) and the run on Northern Rock on 14 September 2007, said UHY Hacker Young, the accountancy firm.

Sir Richard Branson's Virgin Money has revived its interest in a potential purchase of the healthiest parts of Northern Rock, according to Sky News.

Government officials say any sale is some way off and that there is no formal process under way. But it is understood that Virgin Money is among those that have asked for more details.

Nationalised lender Northern Rock has announced that it won't take legal action against former directors who were in charge at the time of the bank's collapse last year.

Northern Rock has promised to repay its £24billion state loan by 2010, despite warning that it would not break even for three years.

The bank added that it would be "significantly loss making" in 2008, after a 2007 pre-tax loss of £167.6million.

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David Hughes sums up his entrepreneurial career to date thus: four spectacular successes and two failures. He founded the sports retailer Allsports and achieved turnover of £180 million before a vicious price war meant decline, administration in 2005 and a sell-off to rival JD Sports.

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