Charcol bosses 'planning buyout'

BOSSES at mortgage broker Charcol are said to be plotting a management buyout of the business. Bradford & Bingley put the operation up for sale last month.

Ray Boulger, senior technical manager, Walter Abrili, head of product development, and Ricky Okey, managing director, are reported to be considering a bid.

This afternoon a management spokesman said the report was 'speculation'.

Earlier this month, Financial Mail on Sunday revealed Charcol-owner Bradford & Bingley had been given the cold shoulder by potential bidders after they learned that it made profits of only a few hundred thousand pounds last year.

B&B bought the firm, which employs 500 people, for £102.5m in 2000. It now wants to focus on its core business of offering its own mortgages and buy-to-let loans rather than advising on and selling other firm‘s products.

Goldman Sachs, the American bank handling the sale, has yet to issue a sales memorandum detailing Charcol's financial status, but it is believed that it made a mere £300,000 last year.

Goldman is also handling B&B‘s sale of five other businesses – property firms Property Services, B&B Estate Agency and SecureMove, and Charcol‘s sister companies Charcol Holden Meehan and Charcol Aitchison & Colegrave. The two independent financial advisers were bought only last year and rebranded.

B&B is due to release a trading statement tomorrow.