Bank References/Bank Status Reports

A number of years ago Building societies were sold to bank and with all intents and purposes they now operate as a bank. But not in all respects.

Nationwide Building Society for example do not seem to know what a bank reference/bank status report is, they simply do not provide one in the format required.

So what does this mean to buyers of businesses?

When you buy a leasehold business in the uk, you need to provide a bank reference to the landlord.

Basically if you have been banking with these building societies as your main bank you may have problems providing a bank reference suitable for submission to a prospective landlord. it may therefore affect your ability to buy a business.

Perhaps therefore if you want to buy a business you should be looking at your choice of bank to use.

This entry was posted on 15/01/2008 at 08:56 am and is filed under Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.