Virgin confirms interest in Rock

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Under the proposals, a Virgin-led consortium would inject "substantial new equity" into Northern Rock, renaming and rebranding the business as Virgin Money.

Virgin said: "The consortium believes...Northern Rock must seek a complete rebranding to repair its franchise and the confidence of its stakeholders if it wishes to continue as a stand-alone business."

Sir Richard said: "We have the opportunity to make a fresh start and build a renewed, confident future for the business and its tremendous staff as a continuing independent public company."

The Virgin consortium said the Northern Rock charitable foundation would continue to receive a share of the company's profits.

But the current chief executive of the stricken lender, Adam Applegarth, will lose his job if the proposals go ahead. The consortium said Virgin Money chief executive Jayne-Anne Gadhia will head the combined group.

Virgin's team is the first to break cover by publicly confirming its interest in Northern Rock, although US private equity firms including JC Flowers and Blackstone are reportedly considering a bid.

The consortium includes insurer AIG, buyout specialist WL Ross, international hedge fund Toscafund and Hong Kong-based investment group First Eastern Investment.

Sir George Mathewson, the chairman of Toscafund acting as special adviser to the consortium, said: "Virgin provides an important point of stability and also has a recognised ability to execute growth plans."

The crisis at Northern Rock has led to major criticisms of the banking regulatory system. Chancellor Alistair Darling said yesterday he was looking to introduce new legislation to increase protection for savers' deposits.