In a statement, Provident Financial said it is acquiring Moneybarn, which provides secured car finance to non-standard customers in the
"Moneybarn's origination has been muted recently, given funding constraints, and this leaves scope for growth going forward. The board believes that the business is highly scalable, given the strength of broker relationships and market leading credit decisioning, combined with the strength of the group's balance sheet," Provident Financial said in a statement.
"Potential opportunities for synergies with the group's existing businesses, including enhancements to underwriting and collections capabilities, the development of a business-to-consumer proposition and leveraging the
For the 2013 financial year, Moneybarn reported audited pretax profit of
Provident Financial said it will conducted the
The number of placing shares - up to 7.0 million - and the price at which they are placed will be agreed by JP Morgan Cazenove, the bookrunner, and Provident, at the close of the bookbuild. JP Morgan Cazenove has agreed, subject agreement with Provident Financial as to the number and price of the placing shares, to underwrite the settlement risk if the placees fail to take up their allocation.
The company has
Provident Financial said that funds managed by
Its shares were unchanged at
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 30, 2014
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