14th Apr 2014 05:42
LONDON (Alliance News) - Peter Burt, the former Bank of Scotland chief executive, is to buy the majority of failed pawnbroker Albemarle & Bond out of administration, The Telegraph reports without saying where it got the information.
Burt is looking to acquire the company through his Promethean Investments private equity vehicle, which is unlikely able to take on all of Albemarle & Bond?s 183 branches and around 900 staff, the paper says.
The Telegraph says it is understood that the bid will be backed by US private equity group Apollo, who will be buying up the stricken pawnbroker?s debts. Promethean declined to comment to the paper.
Rival pawnbroker H&T Group PLC said last week that it had tabled an interest in the business, but The Telegraph said it is understood that this was more of a formality and the company is not looking to take it on.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10760969/Ex-Bank-of-Scotland-boss-Burt-to-rescue-failed-Albemarle-and-Bond.html
By Steve McGrath; [email protected]; @stevemcgrath1
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