Acquisition

RNS Number : 0201V

Non-Standard Finance PLC

04 August 2015

 

Non-Standard Finance plc

("Non-Standard Finance," "NSF" or "the Company")

Completion of acquisition of S&U plc's Home Credit Division

Non-Standard Finance, which has been established to acquire and operate one or more non-standard consumer finance businesses, has completed its acquisition of the Home Credit Division of S&U plc ("S&U") which trades as Loansathome4u for £82.5 million (the "Acquisition").

As previously announced, Loansathome4u will be run as a division of NSF, to be led by Mark Bardsley as Chief Executive, former Managing Director of Shopacheck Financial Services Limited and previously a senior executive at Provident Financial and International Personal Finance. Mark has hired a supporting senior management team to enable Loansathome4u to grow its business by expanding the branch network and agent workforce and investing in systems and technology to further enhance Loansathome4u's underwriting processes to support increased customer acquisition. An expanded compliance function will help the business as it continues to support best-in-class customer outcomes.

The Company is currently seeking re-admission of its ordinary shares to a standard listing on the Official List and trading on the London Stock Exchange as soon as practicable.

A prospectus will be published in relation to the application for re-admission to the Official List. Such a prospectus would include audited financial statements of Loansathome4u prepared in accordance with the Listing Rules and the Prospectus Rules of the UK Listing Authority.

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For more information

Non-Standard Finance plc John van Kuffeler, Chairman Nick Teunon, Chief Financial Officer & Company Secretary c/o Bell Pottinger	[phone]
Bell Pottinger Olly Scott Will Bland	[phone]

http://www.nonstandardfinance.com/

About Loansathome4u 

Loansathome4u is one of the top three participants in the home credit market, providing home credit facilities to approximately 100,000 customers in the United Kingdom through small size unsecured personal loans delivered by more than 500 agents. Loansathome4u has 39 branches throughout England, Wales and Scotland, as well as its head office in Solihull. In the financial year ended 31 January 2015, Loansathome4u produced revenues of £38.3 million and profit before tax of £8.4 million. Net assets as at 31 January 2015, excluding cash of £16.3 million, for Loansathome4u were £33.1 million. 

IMPORTANT NOTICE:

The information contained in this announcement is not for release, publication or distribution to persons in Australia, Canada, Japan, the Republic of South Africa or the United States or in any jurisdiction where to do so would breach any applicable law. No public offer of securities is being made by virtue of this announcement.

This announcement has been prepared for the purposes of complying with the applicable law and regulation of the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom.

This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts and involve predictions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Group's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's or Loansathome4u's business, results of operations, financial position, liquidity, prospects, growth or strategies and the industry in which it operates. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Save as required by law or regulation, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.

Certain figures contained in this announcement, including Financial Information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this announcement may not conform exactly with the total figure given.

Except as explicitly stated, neither the content of the Group's nor Loansathome4u's website, nor any website accessible by hyperlinks on the Group's or Loansathome4u's website is incorporated in, or forms part of, this announcement.

UBS Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom.

UBS Limited is acting as financial adviser to Non-Standard Finance and no one else for the purpose of the consideration or a possible offer for Loansathome4u and will not be responsible to anyone other than Non-Standard Finance for providing the protections offered to clients of UBS Limited nor for providing advice in relation to such possible offer.

 

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