All five of its property and estate agency businesses are to go, including mortgage and advisory firms Charcol, Charcol Holden Meehan and Charcol Aitchison Colegrave, which in total employ over 270 advisers. Bradford & Bingley Estate Agencies and conveyancing firm Securemove are also up for sale.
B&B said despite the strength of each individual brand the firms do not offer ‘sufficient synergy or profits’.
The non-core firms produced £150 million of revenue in 2003.
The strategic u-turn from newly-appointed CEO Steven Crawshaw reflects the brand’s decision to create the first multi-tie high-street advisory service after depolarisation rules become finalised.
Crawshaw said: “Bradford & Bingley will simplify, clarify and continue to build on its core propositions of specialist lending and the retailing of financial services products on the high street.”
Ray Boulger, Charcol’s senior technical manager, said the prospect of a Charcol management buy-out would not be unexpected, and agreed that Charcol’s price tag was unlikely to be worth as much as the £100 million B&B paid for it back in February 2000, but added this was an opportunity for Charcol to rediscover its entrepreneurial roots.
Spicerhaart, the independently-owned financial services group with 300 offices, has already announced intentions to bid for B&B’s estate agency business, after a failed bid for Black Horse in 1998. Spicerhaart has also announced its interest in chartered surveyor, Securemove.
