Lloyds offloads companies bought in buying spree

Lloyds Banking Group today confirmed a deal to offload investments including cinema chain Vue and shirt maker TM Lewin - bought by HBOS in a buying spree prior to its collapse.

The part-nationalised bank said it was selling around 70% of the portfolio to a joint venture with private equity firm Coller Capital for £332m (€402m), valuing the assets at £480m (€581.3m) - a "small premium" to the current market price, according to Lloyds.

However, the portfolio, which is said to have been up for sale since 2008, is widely blamed for many of the financial woes at HBOS, which bought the assets at the height of the market.