JC Flowers, Virgin Money Bid for Northern Rock, FT Reports

Virgin Money Ltd. and JC Flowers filed formal bids to buy Northern Rock Plc before the first deadline for offers on July 28, the Financial Times said today, citing unidentified people familiar with the process.

The U.K. government, which took over the bank when it collapsed in 2007, may receive about 1 billion pounds ($1.6 billion) for Northern Rock, the paper said. Blackstone Group LP was also named by newspapers as a possible bidder, though it didn’t hand in an offer, the Financial Times said.