Bradford & Bingley sells duo

13 April 2012

MORTGAGE bank Bradford & Bingley today sold two financial advisory operations for the wealthy. Independent financial adviser group John Scott has bought Charcol Aitchison & Colegrave and Charcol Holden Meehan for an undisclosed sum.

B&B bought the two units for less than £10m last year. They had net assets of about £5.6m.

The businesses did not make a material contribution to B&B's £140m interim pre-tax profit.

B&B's estate agency, the SecureMove surveying arm and the main Charcol advisory division are still for sale.

The disposals are part of new chief executive Steven Crawshaw's strategy of selling non-core units to cut costs and improve profitability as rising interest rates increase the mortgage lender's funding costs and slow consumer borrowing.

In June the bank announced that 600 jobs would go in its drive to cut £40m from costs.

B&B shares gained 1 3/4p to 280 1/4p.

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