Dull but respectable

Lloyds TSB has just done something unusual in the current frothy asset markets. It has had to cut its asking price for a business. Advent International, a US private equity firm, has just paid £550m for Lloyds TSB Registrars, about 10% less than the UK bank had in mind. But at 17 times last year’s earnings, the price is hardly an obvious bargain. Lloyds’ core business, share registration in the UK, is mature, thanks to fewer share issues and more leveraged buyouts of public companies. Those tren...