Nationwide’s £2.3bn takeover gain prompts criticism of Virgin Money bosses

Analysts claim bosses at target bank decided to take the money and run' after Virgin assets valued at 5.1bn

Nationwide building society has revealed a 2.3bn gain from its takeover of Virgin Money, prompting accusations that Virgin's bosses decided to take the money and run" after losing faith in the ex-chief executive David Duffy.

The building society's bosses hailed the terms of the deal on Wednesday, as it published its final set of results as a standalone brand. Although the 2.8bn it paid for Virgin Money represented a premium on the target-bank's share price - and its 2bn market valuation prior to the bid, according to Guardian calculations - it ended up being a significant" discount compared with the actual value of Virgin Money's assets.