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October 12, 2007: Virgin-Led Consortium Announces Bid for Troubled Bank Northern Rock

2007-10-12

A consortium led by Sir Richard Branson’s Virgin Group puts forward a proposal to rescue troubled British mortgage lender Northern Rock. Under the plans, Northern Rock would keep its stock market listing, but would be rebranded as Virgin Money. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008]