RBS adversary Tomlinson eyes windfall from sale of treatment household developer | Small business Information
2 min readA businessman who led a marketing campaign from Royal Lender of Scotland (RBS) over its treatment method of compact business shoppers is plotting a offer that could make a windfall value hundreds of hundreds of thousands of lbs.
Sky Information has learnt that Lawrence Tomlinson, the proprietor of LNT Group, has appointed Goldman Sachs to discover exterior investors for a division which builds care properties throughout the place.
City resources suggested on Tuesday night that a transaction could price LNT Treatment Developments at a number of hundred million lbs ., whilst the accuracy of this determine could not be independently verified.
LNT Treatment Developments had designed much more than 100 treatment households due to the fact 2009 PIC: LNT Care Developments
A offer at that amount would see significant investment injected into accelerating the expansion of LNT Care Developments’ functions, as properly as crystallising a massive prospective payday for the entrepreneur.
Mr Tomlinson grew to become just one of the most prominent figures in British business for a time period soon after the 2008 money crisis, when RBS – now renamed NatWest Group – experienced to be bailed out by taxpayers.
An adviser to Sir Vince Cable during the Liberal Democrat MP’s spell as company secretary, Mr Tomlinson posted a report in 2013 alleging that RBS’s Worldwide Restructuring Group (GRG) experienced compelled if not-viable enterprises into personal bankruptcy.
Mr Tomlinson’s enterprises had them selves been purchasers of the condition-backed loan company.
A amount of more inquiries into GRG largely exonerated the bank of the most major allegations, but contributed to the reputational crises which beset RBS for a lot of the 1st ten years due to the fact its rescue.
In very last year’s Sunday Times Wealthy Record, Mr Tomlinson was believed to have a fortune worthy of £130m, inserting him joint-923rd on the list of wealthiest Britons.
Mr Tomlinson was an adviser to Sir Vince Cable
LNT Care Developments is the major division of Mr Tomlinson’s team.
Insiders said it had still to be made a decision no matter whether the proprietor would market a minority or controlling stake in the subsidiary.
Goldman’s mandate does not involve marketing a stake in LNT Group’s other functions, which include a application supplier to the social care sector and a minority stake in Great Carehomes, which has a different administration workforce.
In a assertion, Mr Tomlinson’s business explained: “LNT Care Developments is searching for financial commitment in get to substantially ramp up its generation in excess of the up coming five yrs to satisfy need in the write-up-COVID environment.
“Our purpose is to construct above 30 perfectly-created and upcoming-proofed care houses in the British isles each yr by 2025.
“We imagine modern day purpose-created care households are a important social mission for our organization as all people warrants treatment facilities which are environmentally sustainable.
The corporation extra that LNT Care Developments experienced designed extra than 100 care homes given that 2009.
Goldman declined to remark.
