Bradford & Bingley boss Christopher Rodrigues has admitted to disheartened staff that the firm should have tried harder to keep carpetbaggers at bay.

In a four-page letter to staff chief executive Mr Rodrigues admits the company should have set up a trust to allow new savers and borrowers to sign away their windfall rights.

Bradford-based Yorkshire Building Society and the Skipton have both set up charitable foundations and tightened up their rules to reduce the risk of carpetbaggers taking an interest in their business - the B&B did neither.

Mr Rodrigues said today: "The letter was sent to staff after the vote. It was very important that the result of the vote was put into context for our staff and that they were re-assured that the Bradford & Bingley would go ahead as an independent business."

The letter has been sent to the building society's 2,500 staff - many of whom were disappointed with the outcome of the vote and felt the board should have done more to stop carpetbaggers getting their hands on the business.

The letter says: "In hindsight I wish we had introduced a trust. Although I do not believe it would have changed the outcome of the vote, it would have removed speculation about our motives after the AGM."

His comments follow last month's annual meeting where it was announced that 62 per cent of members voted in favour of turning the B&B into a bank - despite a vigorous campaign to stay a mutual building society. The B&B's members will have a chance of a second conversion vote next April - this time with a resolution put by the directors of the firm.

The vote was forced by rebel B&B member Stephen Major, a plumber from Co Antrim in Northern Ireland.

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