Pressure is growing on the Northern Rock board today after one of the two bidders for the bank threatened to pull out unless a takeover decision is made before Christmas.

Northern Rock’s biggest shareholder is today hoping for an improved offer for the lender after querying the value of the salvage bid led by Richard Branson’s Virgin Group.

The biggest declared shareholder in Northern Rock today threatened to block any deal to restore stability to the troubled bank that would not deliver value for money for shareholders.