JC Flowers to acquire Northern Rock loans

The deal is part of the UK government's plan to reduce the assets on the failed bank's book.

According to the Financial Times, the portfolio is comprised of unsecured loans and makes up just 1% of the total loan book, currently managed by UK Asset Resolution (UKAR). 

Following the collapse of Northern Rock, the lender was split up into two divisions; the "good" bank was sold to Virgin Money, while the "bad" bank was taken over by state organisation UKAR.

JC is expected to purchase the loans through its regional lender, One Savings Bank.

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