Virgin confirms interest in Northern Rock

Sir Richard Branson's Virgin Group has confirmed it is interested in a potential rescue of crisis-hit Northern Rock.

Under the proposals, a Virgin-led consortium would inject "substantial new equity" into the mortgage lender.

The group would also rename and rebrand the business as Virgin Money.

Virgin said: "The consortium believes...Northern Rock must seek a complete rebranding to repair its franchise and the confidence of its stakeholders if it wishes to continue as a stand-alone business."

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