JC Flowers backs UK house market venture - Business News, Business - The Independent
JC Flowers, the private equity group that specialises in the financial sector, yesterday confirmed it is to back a venture focusing on the UK housing market.
The US group, which is considering a bid for Northern Rock's 70 branches, revealed it is behind the launch of Castle Trust which is seeking authorisation from the Financial Services Authority (FSA) to allow people to invest in house prices and apply for innovative mortgages. The group has appointed Treasury director and former FSA chairman Sir Callum McCarthy as chairman, and has called in other City grandees to join him on the board.
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