Pizza Express founder makes bid for Lloyds bank branches
Thursday 28 July 2011
Hugh Osmond, the insurance sector investor and founder of Pizza Express, has emerged as the third bidder for 632 branches that Lloyds Banking Group is being forced to sell to comply with EU regulations on state aid.
Mr Osmond, whose previous investments include Punch Taverns, made a formal approach to Lloyds to buy the former TSB and Cheltenham and Gloucester branches earlier this month. His interest follows bids made by Co-operative Financial Services and NBNK, a banking venture set up by Lord Levene.
Mr Osmond is bidding through an acquisition vehicle which is due to float in London later this year in a listing that is expected to raise £500m. If he succeeds, the branches would comprise Britain's sixth largest bank and would be run by Sun Capital, a separate investment firm in which he is a partner.
Lloyds is looking for about £2bn for the branches. This means Mr Osmond would need to raise well over £1bn more to finance his bid.
- 1 Jeremy Clarkson 'does not see a problem' with his racist language on Top Gear, says BBC
- 2 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 A third of employers never check job applicants' qualifications, survey finds
- 5 James Foley beheading: Fox news presenter Megyn Kelly annoyed by Ferguson update during broadcast about murdered journalist
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Bin bag full of cats' heads discovered near Manchester's Curry Mile
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
iJobs Money & Business
£25000 - £35000 per annum: Harrington Starr: Junior Quant Analyst - C++, Boost...
£25000 - £35000 per annum: Harrington Starr: Service Desk Analyst- (Desktop Su...
£30000 - £50000 per annum: Harrington Starr: Junior Quant Analyst (Machine Lea...
£45000 - £55000 per annum: Harrington Starr: UNIX Application Support Analyst-...