One effect of the recession does appear to be the offloading of poor performing businesses that are heavily in debt for a very low nominal price. Here are a few examples of what is, or was, available in the Business Bargain Basement sponsored by The Credit Crunch.
The Mallorca based airline, SpanAir, was reputedly sold to a consortium of businessmen in Barcelona for the princely sum of €1!
The famous London Evening Standard was sold to Russian businessman, and erstwhile KGB agent, Alexander Lebedev for a sum believed to be £1.
A Birmingham Inn is also up for sale for £1 with Domino Pizza the most likely buyer.
The Honda Formula One team is up for sale and one interested buyer is Sir Richard Branson’s Virgin Group, again for a price believed to be just £1.
However, before you get carried away with the idea of having your own F1 team for a measly quid, just bear in mind that it will cost you £40m a year to run! Caveat emptor (buyer beware)!
