JC Flowers has stepped up efforts to take control of Northern Rock - putting together a management team in preparation for a possible future deal. The US Private equity firm said it would appoint Paul Myners the former Marks and Spencer chairman as chairman of the bank and has lined up other key executives for other board roles. The news could kick off a bidding war for the UK bank after a consortium led by Richard Branson’s Virgin Group came forward with an offer earlier this month. There have been reports that JC Flowers had set aside £15bn to buy Northern Rock, the first major UK bank to be brought to its knees by the knock on effect of problems in the credit markets on the back of the US sub-prime crisis. Other ‘big players’ assembled by JC Flowers to run the bank if its offer was successful, include former Alliance and Leicester CEO Richard Pym and Hugh Scott-Barratt of ABN Amro.
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