Saturday, August 30, 2008
Bye Bye B&B
Rod Kent, B&B's chairman, said the past few months - when B&B repeatedly re-negotiated a rescue rights issue and saw private equity firm TPG walk away from a plan to inject cash - had been "as tough as it can get". Mr Kent denied B&B's only options were to run the business off or put it up for sale. Richard Pym, who has been B&B's chief executive for just eight days, will present a strategic plan at the interim management statement in the autumn. B&B has already cut 110 of its mortgage advisers and further job cuts are likely. Alex Potter at Collins Stewart said the results were "little short of appalling".