0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 1 free articles


We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

Non-Standard Finance offer for Provident “lapses”

Non-Standard Finance has called off its £1.3bn hostile takeover bid for Provident Financial.

The two firms have been locked in a war of words since Non-Standard Finance began its takeover attempts in February, and in March Provident issued a 47-page rebuttal of its smaller rival’s bid.

 

Following the lapse of the bid, Provident, which alongside its home credit offering owns Vanquis Bank and Moneybarn, said its “unnecessary distraction” was over.

 

"The Provident board believes this outcome to be in the best interests of Provident shareholders and greatly regrets the unnecessary distraction, cost and impact of the uncertainty on Provident’s customers and staff caused by Non-Standard Finance pursuing its extended hostile offer," the lender said.

 

John van Kuffeler, Non-Standard Finance’s group chief executive, said: "I am very disappointed that despite our best efforts customers, employees and shareholders will not now benefit from our transformation plan to build a brighter future by combining Provident with Non-Standard Finance.

 

"I wish to thank our shareholders for their support and all of Non-Standard Finance’s staff and self-employed agents for their continued dedication. Non-Standard Finance will continue to focus on delivering value to its customers, employees and shareholders by providing a helping hand to the 10-12 million UK consumers that are either unable or unwilling to access mainstream credit.

 

"Each of our businesses has a top three position in its respective market segment and we believe each is capable of delivering attractive long-term returns for NSF shareholders through a combination of capital and dividend growth."

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

Treasury reveals final Breathing Space plans

Treasury reveals final Breathing Space plans

Government consults on powers to fine firms that “exploit” consumer loyalty

Government consults on powers to fine firms that “exploit” consumer loyalty

Fraud continues year-on-year rise, Cifas finds

Fraud continues year-on-year rise, Cifas finds

Upcoming events

Car Finance Conference

Car Finance Awards

Collections & Vulnerability Summit

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group