Goldfish/Virgin: Goldfish-Virgin Money

Question: when does fish hit Rock? Answer: when it’s Goldfish in the scales. Discover Financial Services, which paid £1bn for the UK credit card business last year, has written down the value of Goldfish’s intangible assets to zero. That undermines the extravagant £250m valuation which Sir Richard Branson has put on the Virgin Money business which he wants to fold into Northern Rock, the ailing UK mortgage bank. Virgin Money has only £35m in gross assets. Certainly, Goldfish faces stronger curre...