at £3.2 billion. In November 2008, the government set up a new company, UK Financial Investments (UKFI), to manage the shareholdings in Northern Rock and Bradford & Bingley. Bradford & Bingley's shareholders were not reimbursed for their shares which the government had taken over. Over 300 shareholders complained to the UK Shareholders Association that they had not received information relating to the fate of their holdings. Peter Clokey of PricewaterhouseCoopers was appointed by the government in June 2009 to act as independent valuer of the business, and it was reported that shareholders would be told how much compensation they were entitled to by June 2010. Clokey's assessment was published on 5 July 2010, finding that shareholders were not entitled to any compensation. The decision was appealed to the Upper Tribunal's Tax and Chancery Chamber where on 19 July 2012, Judge Sir Stephen Oliver recorded that the court was satisfied that the valuer had carried out his duties wholly in accordance with the compensation scheme. In April 2009, the Financial Times reported that Bradford & Bingley may sell assets such as its commercial loan book, to assist in the running down its £42.2 billion loan book over the next ten years. In October, the Telegraph reported that the mortgage part of Bradford and Bingley would be mirroring the decision by Northern Rock to split their assets into good and bad assets, to attempt to pay off its £18.4 billion loan early. On 11 January 2010, the combined business of Abbey and Bradford & Bingley was renamed Santander UK, and all branches were rebranded at a cost of £12 million. Alliance & Leicester was rebranded at the end of November 2010. On 25 January 2010, the European Commission approved the state aid given to the bank. On 24 March 2010 UKFI announced the merger of the mortgage business with the bad bank of Northern Rock, Northern Rock (Asset Management) plc. The two businesses were merged under a single holding company, UK Asset Resolution, on 1 October 2010. Transfer of ownership to Davidson Kempner On 29 October, ownership of Bradford and Bingley was transferred from UK Asset Resolution to Davidson Kempner Capital Management, returning the company to private ownership. Operations The group ran two distinct businesses: retail and lending. Retail Bradford & Bingley distributed brand-name and third party financial products. As at 31 December 2007 they had 197 branches and 140 third party