Non-Standard Finance (NSF) has entered into an agreement to acquire Everyday Loans from Secure Trust Bank for £235 million.
Everyday Loans is an unsecured consumer finance provider with 36 branches and approximately 37,000 customers as at 30 June 2015
The directors believe that Everyday Loans is complementary to NSF’s existing Loansathome4u business, and that there is considerable potential for accelerated growth under NSF’s ownership.
John van Kuffeler, NSF’s chairman, said: “Our second acquisition demonstrates the Board’s continued focus on creating a multi-faceted non-standard consumer finance business and I am delighted to announce further progress in the implementation of our strategy. With the completion of this acquisition we will have operations in all of our current target sub-sectors. Everyday Loans is a leading branch-based non-bank lender in the U.K. and its guaranteed loans operations, whilst small, provide a platform for growth in that market.
“Everyday Loans is a strong and differentiated business for which we have exciting expansion plans. By applying our expertise and management skills we intend to grow its branch network; widen its customer base; and accelerate growth in its guaranteed loans business.
“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.”
Paul Lynam, CEO of Secure Trust Bank PLC, said: “The unsolicited approach from Non Standard Finance PLC for the Everyday Loans Group presented an attractive option to accelerate our strategy of proportionately reducing our exposure to personal unsecured loan products whilst we invest in our strongly growing Motor, Retail and SME lending activities.”