27th Aug 2015 09:17
LONDON (Alliance News) - Non-Standard Finance PLC on Thursday indicated that it is not finished when it comes to making acquisitions, with new targets identified following its deal to buy Loansathome4u from S&U PLC to enter the home credit market.
News of potential acquisitions came as the company reported a GBP857,800 loss before and after tax from July 8 2014 to June 30 2015.
Chairman John van Kuffeler, the former chief executive and then chairman of Provident Financial PLC, said the company has hit the ground running after raising GBP102 million from investors in its initial public offering in February. The company wants to lend to people in the UK who struggle to receive financing from the mainstream lenders in the wake of the financial crisis of 2007-09.
"Loansathome4u provides us with a well-established UK wide platform and a growing business that will form a strong base for the group as we grow organically and acquire new businesses. We remain committed to offering financial services to a disenfranchised part of the UK's population by treating customers fairly, delivering excellent service and lending responsibly," the chairman said in a statement.
"We are actively negotiating further opportunities to participate profitably in the consolidation of the non-standard finance sector, whilst growing the existing business following completion," he added.
S&U, the lender led by former Conservative Party MP Anthony Coombs, sold its home credit division to Non-Standard Finance for GBP82.5 million in July, leaving it to focus on its motor finance business, Advantage Finance.
Loansathome4u was the first acquisition made by Non-Standard Finance, which received backing from Woodford Investment Management LLP, Invesco Asset Management Ltd and Marathon Asset Management in its IPO. Legal & General Group PLC's Legal & General Assurance Society Ltd has also been named as a shareholder.
Non-Standard Finance shares were up 0.5% to 102.97 pence on Thursday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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