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Specialist bank Shawbrook has rejected a takeover bid from private equity firms Pollen Street Capital and BC Partners that values the UK bank at £825m.

In a trading update on Tuesday, the lender said its board had rebuffed the offer, which would have seen its shareholders receive 330p a share in cash.

It comes only two years after Pollen Street floated the bank on the London market at 290p per share. The private equity firm currently holds just under 40 per cent of the bank.

In a statement, Shawbrook said:

The Board remains very confident in Shawbrook’s strategy as a publicly listed company…and in the ability of its current management team to deliver its plan, and is clear that its successful delivery and growth trajectory would generate significant shareholder value over the period to 2020.

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