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B & B shareholders accuse Labour government of theft

07 July 2010
Written by rosalind renshaw

One million former Bradford & Bingley shareholders will not get a penny of compensation for their losses when the bank was bailed out in 2008.

Peter Clokey, valuer of B&B and a partner at Pricewaterhouse Coopers, confirmed there will be no pay-out. The news has prompted furious reaction from shareholders who accuse the last government of stealing their money.

B&B was taken into public ownership on September 29, 2008. The bank’s savings business was subsequently sold for £612m to Santander. B&B shareholders received neither money nor shares in the new owner.

The shares last traded at 20p but the B&B Shareholders’ Action Group believe shareholders should get at least 55p and say anything less is theft. Some had subscribed to a rights issue in July 2008 and say they were misinformed about the company’s finances at the time.

Richard Jennings, spokesman for the action group, said: “This is a very sad day not just for B&B shareholders but UK shareholders in general.”

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