Shawbrook owners put plans to sell the challenger bank on ice
The owners of Shawbrook Bank have reportedly shelved their plans to sell the lender.
Private equity firms BC Partners and Pollen Street Capital were seeking bids of around £2bn for the challenger bank, which specialises in lending to small and medium-sized companies.
The Financial Times reported, however, that the firms had failed to attract offers near the desired amount, and have since decided to put the plans on ice.
The private equity firms, who bought the bank back in 2017, are also said to be concerned about negotiating such a deal at a time when the UK economy is on the precipice of a recession, and while there is a decline in dealmaking.
Shawbrook, BC Partners and Pollen Street, did not immediately respond to requests for comment.