Friday, August 22, 2014
Moneybarn taken over
Moneybarn the subprime lender has been acquired by Provident Financial Group in a deal worth £120m in cash to shareholders.
The deal adds Moneybarn into a network of lending platforms that includes consumer loans and credit cards and will help the car finance company to extend its business to more customers.
In a statement Provident Financial said the management of Moneybarn, led by Peter Minter, will be retained under the new ownership. They will report directly into Peter Crook, group chief executive of Provident Financial.
The deal will be funded by the issuance of new ordinary shares in Provident Financial.
Commenting on the deal, Peter Minter, managing director of Moneybarn, said "We are delighted that Provident Financial Group has acquired the business. We look forward to working with colleagues in PFG, and building on our long history of successful growth in our market.
"Moneybarn is the UK's largest non-standard vehicle finance company, and this acquisition by Provident Financial Group will help us realise significant profitable growth over the coming years."
"Moneybarn is the UK's largest non-standard vehicle finance company, and this acquisition by Provident Financial Group will help us realise significant profitable growth over the coming years."
DATED: 22.08.2014
FEED: MT
