Mon, 04 Apr 2011 | BUSINESS SALE
In a bid to raise over €4 billion (£3.5 billion) in new capital, the Bank of Ireland has put its Burdale lending business onto the market.
Although Bank of Ireland has not been as affected by the downturn as many other large Irish lenders, it has still been forced to accept hefty state support. Currently, it is 36 per cent owned by the Irish taxpayer after accepting €3.5 billion of support.
The bank must now raise a further €3.7 billion and has hired Hawkpoint, the corporate financiers based in London, to track down a prospective buyer for Burdale.
Burdale – which provides asset-based lending to major firms such as Jaguar Land Rover, both here and in the USA – will be sold as part of a planned series of disposals to repair the bank's finances.
Bank of Ireland purchased Burdale in 2005 for €80.5 million from US-based banking group Wachovia. Since then, Burdale has made consistent profits, raking in almost €34 million last year.
It has offices in several cities across the UK, including London, Birmingham and Manchester, as well as in Stamford in Connecticut and New York. The firm specialises in providing €11.3 million to €284 million loans to large and medium-sized firms.
No price tag has yet been named for the business.
This well-established business offers a unique acquisition opportunity with its bespoke, high-quality wine-related accessories and strong market position in the UK and international B2B sectors. Its longstanding relationships with high-profile custom...
FREEHOLD
This business provides a unique opportunity to acquire a well-established company specialising in bespoke MFC cabinet products, benefiting from strong regional reputation and long-standing customer relationships across multiple sectors. With a skille...
With a long-established regional reputation, this South West England business offers a lucrative opportunity in the heating, plumbing, and domestic bathroom renovation sectors. Boasting a highly skilled workforce and a strong client base, the company...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.