A PETITION against the breakup and sale of Northern Rock below its long-term market value has received more than 850 signatures.

The petition has been set up on the Prime Minister's website, urging Gordon Brown against a "fire sale" of the Newcastle based mortgage lender.

Fears that the bank could be broken up and sold off have remained at the fore, as it emerged over the weekend that more bidders were contemplating making an offer for the troubled bank.

Petition creator and Northern Rock shareholder Robert Bacon said: "Any attempt to dispose of the company before the business is stabilised and financial mar- By Kate Bowman Business Editor kate.bowman@nne.co.uk kets have recovered from recent disruptions would not result in a fair price being offered.

"What is, in essence, a very sound business might be sold for a pittance and that is not in the interests of anyone, whether it is shareholders, customers, employees, Government, or anyone else.

"We believe that it is wrong for any Government, particularly a socialist one, to encourage the destruction of an enterprise with 15,000 employees in the North- East of England."

According to weekend reports, US private equity funds Apollo Management and Blackstone Group have both expressed an interest in Northern Rock.

A move by either may prompt a bidding war with US private equity house JC Flowers, which is understood to have raised about £15bn to fund a bid.

It also emerged over the weekend that US bank Citigroup is preparing to lend Northern Rock up to £10bn to help ease its funding crisis and enable the country's fifth largest mortgage lender to continue operating as an independent group.

It would ease concerns among many shareholders, who are opposed to the sale of the business at below its market value.

The Northern Rock Small Shareholders Group (NRSSG), set up to speak on behalf of the thousands of independent shareholders in Northern Rock, has also gathered support.

Its founder, businessman Robin Ashby, said the group had received hundreds of inquiries from investors all over the region since its launch less than two weeks ago.

He said: "The response has been absolutely overwhelming and it is obvious that it is important to people all over the North- East that Northern Rock remains independent and prosperous."

The group already has about 150 members and the support of a number of North-East MPs, as well as Northumbria University Chancellor and former Metropolitan Police chief, Lord Stevens of Kirkwhelpington.

It also has the full backing of Unite, the union which represents Northern Rock's 6,500 employees, plus former staff.

Mr Ashby said: "The more members we have, the better we can ensure the interests of private investors, who often have the most to lose, are protected."

For more information about the NRSSG, email nrssg@northhouse.

com To sign the petition, visit http://petitions.pm.gov.uk/Sup portNR/