Provident put 2100 jobs at risk
About 1 Month, 5 Days, 4 Hours, 58 Minutes ago.
Credit company Provident Financial has announced it is withdrawing from doorstep lending after 140 years.
The company blamed "changing industry and regulatory dynamics" as well as "shifting customer preferences".
Ending the doorstep lending business, which lent to people with poor credit records, puts 2,100 jobs at risk.
The action is part of plans to become a "broader banking group to the financially underserved customer", said chief executive Malcolm Le May.
Provident said its home credit business would now either be sold or wound down.
The company reported a pre-tax loss of £113.5m for 2020, with the bulk of the losses - £74.9m - coming from the home credit division.