Paragon considers Northern Rock move
Paragon, the Solihull-based buy-to-let provider, has joined the race to buy Northern Rock. According to reports, the company has asked for information on the sale of the nationalised bank.
Paragon, which is worth £600m, wants to analyse what Northern Rock controls, said a report in The Telegraph.
Reports suggest the company may make a bid for the whole of Northern Rock or buy loans.
Nigel Terrington, chief executive, told reporters he is keen to acquire portfolios of loans as Paragon seeks to grow.
In May, paragon posted a 35 per cent increase in pre-tax profits.
The sale of Northern Rock was announced by the Chancellor George Osborne last month. Since being nationalised in 2008, it has taken on about £1.4bn of public funds, and is estimated to be worth about £1bn.
Other potential bidders to return the bank to the private sector include Coventry Building Society and Yorkshire Bank.
