Big five banks line up to back B&B

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B&B was forced to slash the price and size of its rights issue and bring in a new investor in the shape of US private-equity firm Texas Pacific after its share price dropped dangerously close to the 82p of the original cash call. The new offer is at 55p a share while B&B shares stand at 72p.

HSBC, Royal Bank of Scotland, Barclays, Lloyds TSB and HBOS have each agreed to provide £20 million of sub-underwriting to the B&B rights issue. That means they have in effect agreed to take up £100 million of shares from the main underwriters UBS and Citigroup should the issue fail.

It is not unusual for clearing banks to sub-underwrite, but City insiders said it was highly unusual to see all five committed at the same level. None of the banks would comment.