B&B estate agency boss sent home
GARY Verity, the boss of Bradford & Bingley's chain of 246 estate agents, has been sent home on 'gardening leave' ahead of the planned sale of the business.
His departure last week is raising eyebrows as the sale is thought to be some way from completion. Senior management usually remain in place until deals are complete. B&B's preferred bidder, Countrywide, is expected to pay £50m.
Countrywide has let it be known that it played no part in Verity's departure. B&B would only say that Verity, 40, who lives in Leyburn, North Yorkshire, 'is no longer in his current role but remains an employee'.
Verity was not returning calls to his home on Friday. He was implicated in allegations this year from an anonymous whistle-blower who claimed that agency salesmen were ordered to delay invoicing until a certain date to massage sales figures.
The allegations were sent to the Financial Services Authority and B&B's then chief executive Christopher Rodrigues. Of that incident, which has not come to light until now, B&B said: 'We conducted an appropriate investigation and found the allegations were groundless. We told the FSA and the matter was closed.'
B&B is ditching non-core operations and trying to return to its banking roots. This has shocked staff, especially the 640 financial advisers, hundreds of whom plan to quit.
