The latest bidder reported to making a move on Northern Rock is Virgin Group. This airline, media and gyms group is one of the world's most recognised and respected brands. Furthermore, a recent independent research study has shown that UK public vote Virgin as their most admired brand. http://www.virgin.com/AboutVirgin/WhatWeAreAbout/WhatWeAreAbout.aspx
This fact could be decisive to repair its franchise and to recover the confidence of its shareholders. Moreover, Northern Rock shares closed up 5'9 percent at 273'25 pence on the London Stock Exchange following Virgin's announcement.
On the other hand, the bank's chairman Matt Ridley has stepped down. Ridley told the Treasury Select Committe on Tuesday, that the bank had been hit by "wholly unexpected" events and he defended the way he and his colleagues had been running the bank. http://news.bbc.co.uk/1/hi/business/7052828.stm
It is said that Bryan Sanderson would take over as chairman of the bank as soon as he has been approved by the Financial Service Authority.
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