Sale of Lloyds branches to Co-op 'faltering'

Fri, 23 Mar 2012 | DIVISION SALE

The planned sale of 630 Lloyds bank branches to the Co-operative Group is facing significant difficulties, after the companies found negotiations to be more difficult than expected.

A statement from Lloyds has confirmed that they are still in talks with the Co-op on the deal – the terms of which had been expected to be completed by the end of the month – but said that it was “continuing to prepare a divestment through an initial public offering”.

The move has left City analysts believing that the initial public offering (IPO) may be the most likely option, after it emerged that the financial regulator is yet to be convinced that the Co-op has the adequate governance and systems in place to take on such a large banking business.

It is understood that Lloyds has been working with the Financial Services Authority and UK Financial Investments – the operator of the state’s 41 per cent stake in the bank – about all options, including the IPO.

Lloyds has until November 2013 to divest the branches, under the European Commission-set deadlines that came as a condition of its taxpayer-funded rescue.

The statement issued by Lloyds also stated that they would not be able to give an update on the situation until the second quarter of 2012. The statement explained, “Given that this is a substantial business and a highly complex transaction the group now anticipates providing a further update in Q2 2012.”

Share this article

Latest Businesses for Sale

Provider of Precision Cutting Tools
North East, UK

Offers an extensive range of products, including milling, turning and drilling equipment, from a number of respected brands. Provides turnkey cutting solutions, including the modification and development of bespoke tooling Long-standing client base,...

Asking Price: Offers Invited
Turnover: £646,000


Business Opportunity & Restaurant Portfolio (Fast Sale)
UK Wide

All expressions of interest are to be made to Richard Lingen of Berrys no later than Tuesday 21 January 2020, with a view to completion by Wednesday 29 January 2020. Acquisition of this business opportunity and property portfolio which comprises 19 r...

Asking Price: Offers Invited
Turnover: £11,000,000

Mining Company
Zetland, UK Wide

We produce high quality landscape rock and products for large scale municipal projects. Encompassed with a successful commoditization of the rock product to the retail sector . Business includes well established wholesale and retail accounts

Asking Price: £48,000,000
Turnover: £11,500,000


View more businesses for sale

News Search

Latest News


Target Healthcare embarks on acquisition spree | BUSINESS SALE

Target Healthcare has completed the acquisitions of a develo...


Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...


Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide


Related News


ADEY Professional Heating Solutions sets sights on post-MBO future | MBO/MBI

Water treatment manufacturer to the domestic and commercial ...


Lakeland Dairies acquires dairy division of Fane Valley | DIVISION SALE

County Cavan-based Lakeland Dairies Co-operative has acquire...


Co-op jettisons non-core business Sunwin Security Services | DIVISION SALE

The Co-operative Group is set to sell its security services ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources