JC flowers in UK business negotiations
US equity firm is in talks to buy a stake in Kent Reliance Building Society
US equity firm JC flowers is holding international business
negotiations with UK company Kent Reliance Building Society.
The New York-based business is looking to acquire a 49 per cent
stake in Kent Reliance for around £50 million.
The move would give Flowers the licence it requires to operate
in the UK, with reports suggesting it is aiming to establish a new
Flowers, which launched an unsuccessful takeover bid for
Northern Rock in 2007, could also purchase shares in other building
societies as part of its expansion.
A statement from Kent confirmed the deal would allow the
financial institution to maintain its mutual status.
It read: "If the new structure proceeds, it would allow for
substantial new capital investment to support the business and
would provide a means for the society's members to remain members
of a mutual organisation."
Kent has around 180,000 customers and total assets of £2.2
billion, while it employs just 45 UK staff.