Virgin named as preferred bidder for Northern Rock

A consortium led by Richard Branson's Virgin Group has been picked as the preferred bidder to rescue ...

A consortium led by Richard Branson's Virgin Group has been picked as the preferred bidder to rescue Northern Rock.Northern Rock said the Virgin consortium had set out a clear path to repay fully loans from the Bank of England.These are estimated to have reached £25bn since a crisis around the bank erupted in mid-September.The mortgage lender's share price was up 25% to 108p following this morning's announcement.