Winterflood sale imminent
At the same time, Union ended merger talks with an unnamed bidder. The 100-year-old firm is expected to use the funds from the Winterflood sale to bolster its capital in the hope of remaining independent, concentrating on its core banking and money markets business. Union shares slumped 19p to 84p yesterday.
Brian Winterflood, head of the firm that bears his name, said the expected buyer was a 'highly respected English financial house', and he expected the announcement within days rather than weeks.
The firm would keep its identity under the new ownership. Business had been 'very good' recently after picking up about six months ago, helped by the withdrawal of some of the bigger market makers from the small companies field, he said.
The expected sale was announced as Union Discount said merger talks begun in the late autumn had been called off, and the company was not aware of anybody else who might bid.
This was interpreted as a declaration of intent to remain independent. The firm is expected to hold on to its remaining leasing subsidiaries.
- 1 Games of Thrones actor Lena Headey makes emotional promise to her unborn daughter
- 2 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 Picture of couple posing with beached dolphin 'that later died' causes outrage
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Female Muay Thai champion hustles coaches to give them a beating
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...