VIRGIN boss Sir Richard Branson said yesterday he believed he had "the best bid on the table" for the ailing Northern Rock bank.
Sir Richard, speaking in Shanghai where he was accompanying Prime Minister Gordon Brown's official visit to China, said he was confident he had a "winnable package" to see his bid succeed.
His comments come as Chancellor Alistair Darling prepares
to unveil a new package tomorrow of further Government money to support a private buyer for the stricken bank.
Brown is understood to have accepted a plan drawn up by bankers Goldman Sachs to convert the billions of pounds lent to the bank by Northern Rock into bonds.
The bonds – guaranteed by the Government rather than a private sector insurer – would be sold off in small parcels to international investors every few months.
Asked if he had had any talks with Brown about a possible deal, Sir Richard said: "We haven't had any detailed discussions with the Prime Minister.
"I'm still confident that our bid is good. And I personally believe it's the best bid on the table, it's the best option for Northern Rock."
Robin Ashby, head of the Northern Rock Small Shareholders Group, welcomed the loans-into-bonds proposal but said he expected shareholders would reject Sir Richard's bid.
He said: "Talking to shareholders I cannot see any way that they are going to support him and his proposal to take over 55% of their company after they've put in more money."
The full article contains 254 words and appears in Scotland On Sunday newspaper.
