Have you tried adjusting it ? Procedure is in the bentley (I think)
Adjusters are inside the cabin (to access remove leather boot from handbrake handle). You'll need to have both rear wheels off the ground and (this is from memory, so could be wrong) have the handbrake on 3-4 clicks and tighten the adjusters until it starts to bite. Be warned if you have an LSD (marking will be on the diff - my 94 525 sport has one) then it will be very difficult/impossible to turn the wheels individually by hand so it's a bit of a black art to make sure both h/brake cable are correctly adjusted
hth