The chief executive of credit lender Morses Club said his firm was targeting considered growth rather than “quick fire” alternatives as his firm registered a substantial increase its customer numbers and credit lending.
Provident issued a grave profit warning last week that wiped 66 per cent off the value of its stock market value and led to the resignation of its chief executive Peter Crook. Late last week Manjit Wolstenholme, who took on the role of executive chairman after Mr Crook quit, removed Andy Parkinson as managing director.
Whitman Howard analyst Phil Pickard said: “The really interesting point in this statement is the comment that the new loan facility will lead to over 400 new territory builds in the current year. I have very little doubt this is boosted by the Provident Financial fallout.”