Mon, 12 Nov 2012 | MBO/MBI
The Royal Bank of Scotland (RBS) has appointed UBS to handle the sale of 316 of its branches.
Santander had been lined up to buy up the outlets, but walked away from the deal in October following delays with the transfer process.
This pushed RBS to seek out another buyer, but in order with European competition rules, a buyer must be found by December 2013, making RBS keen to speed up the sale in order to avoid complications.
Santander was set to pay around £1.65 billion for the deal, which included 316 branches, 1.8 million customers and £21.7 billion of deposits. However, RBS is expected to receive significantly less than this price as the deal now looks set to favour the buyer, reports from the Telegraph suggest.
UBS is set to take some short-term action while a buyer is found. This could include hiving off the unit before Christmas, either through a management buy-out backed with private equity, or through an initial public offering.
Then, in the new year, a memorandum will be compiled for would-be trade buyers, which are thought to include Virgin Money, JC Flowers and the Nationwide building society.
The company specialises in the sale, installation, servicing, maintenance and repair of air conditioning and refrigeration systems, offering comprehensive solutions catered to the specific requirements of its clients’ properties.
Through its dedicated divisions, the group provides broker services for automotive finance and leasing, working with private individuals and fleet owners throughout the UK.
This e-commerce platform offers a unique opportunity with its high-profit, low-overhead model, leveraging dropshipping and an outsourced workforce to serve a diverse national B2B and B2C client base.
Looking for more businesses? Try our off-market tool.
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.