• From The BBC:

    Bradford & Bingley (B&B), a buy-to-let loans specialist, has reported a loss for the six months to 30 June, with impairment charges up sharply.
    B&B reported a loss of £26.7m for the period, against a £180.4m profit last year, and said it remained “cautious”.
    Credit impairment charges for the six months rose to £74.6m, up from £5.3m in the same period last year.
    B&B recently completed a £400m share rights issue in order to improve its balance sheet.
    B&B’s shares closed down more than 2% at 49 pence.
    Access to credit
    “As a focused business within a sector that is currently going through a cyclical downturn, Bradford & Bingley has experienced a particularly challenging first half,” said the lender.
    “We have witnessed unprecedented financial dislocation, with wholesale medium-term funding markets being difficult to access since last summer”.
    B&B’s rights issue had to be restructured twice after initially failing to attract sufficient interest.
    Private equity firm Texas Pacifi…

    Click to read the full article »

    Posted by Jon @ 6:33 pm

Leave a Reply

Your email address will not be published. Required fields are marked *