Provident Financial Share Discussion Threads

[1cutandrun] 19/5/2021 22:03

The only thing I know is letters were sent out yesterday to customers about the scheme of arrangement("Scheme"). scheme.providentpersonalcredit.com

[harleymaxwell] 19/5/2021 09:56

Same as yesterday.....

[xtomo] 18/5/2021 09:20

Anyone know what's going on today?

[jimbobs147] 14/5/2021 07:52

That's management as well, I know someone at regional level who's got a leaving date already of 30/6

[1cutandrun] 11/5/2021 13:54

Bbarry8. Looks like you are right and they are running it down. Just been informed, managers and agents have been made redundant and have 45 days. Expect they are going to try and collect out with remote payments.

[bbarry8] 10/5/2021 20:08

Cheaper to run it down than capitalise a new entity. If they do manage to sell it as a going concern will cost them. No sane buyer would take on such a liability. This business will be rebranded within the next 12 months, time to forget it's past. Once CCD dealt with would be surprised if PE don't start sniffing around. Vanquis is a gem of a business.

[1cutandrun] 10/5/2021 17:35

They still have just over 300,000 home credit customers, so my money is on them splitting the company, just like they did when they got shot of Provident Polska, now IPF, and float the new company on the LSE. That way everything can be moved lock stock and barrel, offices, admin, staff and customers. A new board of directors and they are ready to go.

[marmar80] 10/5/2021 12:26

How much do you expect them to get from that business arm sale?

[jimbobs147] 10/5/2021 12:25

1 Billion GBP

[scemer] 10/5/2021 12:13

K19 they are swimming in cash read today's report

[k19ten] 10/5/2021 11:58

Why a placing? What's the cash reserves?

[smurfy2001] 10/5/2021 11:20

How the mighty have fallen.

[1cutandrun] 10/5/2021 10:12

I have to laugh at the fact they lost 211 thousand home credit customer last year due to COVID. So what excuse do they have for the previous years, down from 1.5 million customers. Very clever report writing, covering up the fact they've been reducing the customer base over the years to withdraw from the home credit market, with regret.

[1cutandrun] 10/5/2021 09:34

They have been planning this for the last 5 years. COVID and the FCA have made it a lot easier for them. As I have said a few times, they want rid of this business.

[1choip] 10/5/2021 08:58

Massive loss and placing could be a possibility.

[1cutandrun] 10/5/2021 07:51

It is with regret that PFG has decided to withdraw from the home credit market entirely and is considering a sale of this business. The home credit business will be placed into a managed run-off, which would be expected to conclude by December 2021.

[1cutandrun] 10/5/2021 07:43

2020 results. Loss before tax £113.5 million compared to 2019, £119 million profit.

[don777] 07/5/2021 09:38

from today's share price jump, it seems market expect next monday TU will be very positive.

[marmar80] 04/5/2021 22:29

Maybe NSF will buy it

[bbarry8] 04/5/2021 17:41

Struggle seeing someone buy CCD, but would be happy to be proven wrong. Irrespective a lot of value in what will remain.

[1cutandrun] 04/5/2021 15:49

I have been contacted today from someone in the company and informed that staff meetings were held this morning and they were told, business as usual. If you have read my previous posts, I stated PFG want rid of this business. If they do not run off, they can sell it on as a clean business or do what they did with Provident Polska, now IPF. Whichever option they take, it will be a positive move. It's not if but when.

[1cutandrun] 04/5/2021 15:34

Operational Review of CCD Update PFG notes the recent media coverage regarding the previously announced operational review of its Consumer Credit Division (CCD) including, as an option, the possibility of a managed run-off of its home credit and Satsuma businesses. The Group confirms that, whilst no decisions have been made, the review is nearing completion and the outcome will be announced with the Group's full year 2020 results, to be published on Monday 10 May.

[bbarry8] 04/5/2021 07:52

Would be a pretty good result to close CCD. Rebrand as a less morally questionable consumer finance business, maybe shop the new business to PE to allow to rehabilitate for a few years

[marmar80] 04/5/2021 06:06

How much they will be looking to get for it?