Bradford & Bingley Relocation Services, the building society's relocation division, has been sold to Cendant Corporation, the leading global provider of real estate, travel and direct marketing-related consumer and business services.
Bradford & Bingley Relocation Services will be merged with Cendant Relocation, the UK division of Cendant's global relocation management company, Cendant Mobility. The combined organisation will be known as Cendant Relocation and will be headed by the current Cendant Relocation managing director, Ian Sparks.
Christopher Rodrigues, Bradford & Bingley's Group Chief Executive said: "I am delighted that we have successfully concluded the sale of our relocation business to a global market leader."
"BBRS is a leader in its field and well respected but does not easily fit into our core Group activities going forward. With the acquisition of BBRS Cendant will be able to further support its clients' needs and set new standards in customer service."
Scott Forbes, Cendant Europe's Executive Vice-President and Group Managing Director, said: "This acquisition demonstrates our belief and confidence in the UK relocation market. The combination will enable us to provide not only an extended range of services to clients but to set even higher standards of customer service."
"Our investment acknowledges BBRS's excellent reputation for solid operational performance and outstanding client relationships."
Notes to Editors:
Bradford & Bingley Relocation Services became part of the Bradford & Bingley group following the acquisition of the Black Horse Agencies Group from Lloyds-TSB in April 1998.
For further information please contact: Chris Holland, Bradford & Bingley Group Corporate Affairs Manager, on 01274 554709/10. For Cendant please contact Neil Garnett at Gavin Anderson on 0207 496 1467.