Business Services Industry
UK Property Firm Bradford & Bingley Has a Business Clear-Out.
Knight Ridder/Tribune Business News, May, 2004
Daily Mail, London Knight Ridder/Tribune Business News
May 20--Bradford & Bingley's new chief executive Steve Crawshaw has begun his reign with a clear-out of unwanted businesses, writes Ruth Sunderland.
He has put B&B's estate agencies, property services and mortgage broker Charcol on the sale block.
The City signaled its approval, sending the shares up 16 1/4 pence to 283 3/4 pence.
B&B, which has been the subject of persistent takeover speculation, wants to focus on the most profitable bits of its business -- including buy-to-let mortgages. Goldman Sachs has been appointed to advise on the sales.
The property businesses employ about 3,000 people and have 291 branches, while Charcol has 500 people across 18...
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