Statement from UKAR
06 Dec 2011
View the full press release [PDF size 100KB].
UK Asset Resolution Limited (UKAR), the holding company for the Government-owned companies of Bradford & Bingley plc and Northern Rock (Asset Management) plc (NRAM) today announced plans to focus the business in Doxford (Sunderland) and Crossflatts (Bingley). This will involve the phased withdrawal of staff from its Gosforth site to be completed by mid-2013.
This is part of an ongoing process of internal restructure and optimisation across UKAR which is necessary to generate operational cost savings and maximise value to the taxpayer.
UKAR currently operates from three main sites – Crossflatts (Bingley), Doxford (Sunderland) and Gosforth (Newcastle). Around 700 people are employed in Gosforth out of a total workforce of 2400. The majority of Gosforth staff will be offered the chance to relocate to the nearest UKAR site which is approximately 18 miles away. Some roles will also transfer to Crossflatts.
The Chief Executive of UKAR, Richard Banks said, "Our job is to manage the wind down of the mortgage books. By the end of 2013 we expect the number of mortgages to have reduced by 25% since UKAR was established. As a consequence, we will need fewer people and it will no longer be cost effective to run the business from three sites. Our duty is to deliver value for money for our owner, the UK taxpayer. The loss of some jobs is regrettable but we will work hard with colleagues and the union to relocate people where possible and offer support to those colleagues affected."
For all Media Enquiries:
Jonathan Glass / Nick Cosgrove (Brunswick)
+44 20 7404 5959
For more information about UKAR visit www.ukar.co.uk
About UK Asset Resolution
UK Asset Resolution Limited (UKAR) was established on 1 October 2010 to facilitate the orderly management of the closed mortgage books of both Bradford & Bingley and NRAM, to maximise value for taxpayers. The Executive team of UKAR manages both organisations focusing on this common objective, while ensuring that both companies continue to treat customers fairly, deliver consistently high levels of service and support those customers facing financial difficulty.
Notes to editors
Northern Rock was nationalised and taken into Government ownership in February 2008 and was then restructured into two legal entities on 28 October 2009 – Northern Rock plc and Northern Rock (Asset Management) plc (NRAM). The management and control of NRAM was then integrated with Bradford & Bingley under UKAR on 1 October 2010.
The affected colleagues referenced in this announcement are employed within UKAR and are entirely separate from Northern Rock plc.
Most computers will open PDF documents automatically, but you may need to download Adobe Reader.
^ Top of Page
UK Asset Resolution welcomes FCA focus on Interest Only mortgages
02 May 2013
UK Asset Resolution (UKAR) welcomes the recommendations from the Financial Conduct Authority (FCA) to focus on consumers’ ability to repay their interest only mortgages when they mature.
UKAR Annual Report & Accounts 2012
28 Mar 2013
UK Asset Resolution Limited (“UKAR”) which incorporates Bradford & Bingley plc (“B&B”) and Northern Rock (Asset Management) plc (“NRAM”) today issues its Annual Report & Accounts for the year ended 31 December 2012.
UKAR Preliminary Results Announcement 2012
25 Mar 2013
UK Asset Resolution Limited ('UKAR') which incorporates Bradford & Bingley plc ('B&B') and Northern Rock (Asset Management) plc ('NRAM') today issues its full year results for the year ended 31 December 2012.
UKAR response to Ministerial statement regarding NRAM
11 Dec 2012
We note the Ministerial statement made today by the Economic Secretary to the Treasury regarding customers of Northern Rock (Asset Management) plc (NRAM) who have loan accounts which are regulated under the Consumer Credit Act (CCA).
UKAR Half Year Results Announcement 2012
27 Jul 2012
UKAR has today published its half year results for the six months ended 30 June 2012
UK Asset Resolution agrees to sell portfolio of NRAM mortgages to Virgin Money
23 Jul 2012
UK Asset Resolution Limited (UKAR), the holding company for the government owned businesses of Bradford & Bingley plc (B&B) and Northern Rock (Asset Management) plc (NRAM) has agreed to sell £465m of NRAM mortgages to Virgin Money at price of par.