Shares in Bradford & Bingley have soared this morning after the company announced it would sell off "non-core" businesses to focus on building up its own-branch network to boost sales of specialist and retail financial products.
The change comes after a strategic review, and will see the company’s property services businesses, Charcol, and associated mid- to high net worth IFA business sold off. No price tag has been put on the deal by the company, although it says the roughly 3,500 staff affected generated some £150m in turnover but no “material contribution to group profit” last year. The sale of non-core assets is expected to be completed by the end of this year. Additional savings of approximately £40m will be made in the retained businesses of specialised lending, such as buy-to-let, and sales of fina...
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