London Scottish files for administration

London Scottish Bank is to go into administration after failing to make up a shortfall in its capital ratio or secure a takeover.

In a statement on Monday morning the bank, which provides loans to people with poor credit records, said: “Whilst a number of parties remain interested in acquiring the group, there can be no certainty that any offer will be made for the group on a viable basis or that the regulatory capital shortfall can be remedied in the short to medium term.