Provident Financial Group buys Moneybarn

摘要

Moneybarn, the Petersfield-based sub-prime car finance specialist operated by Duncton Group, has been acquired by Provident Financial Group in a deal worth £120 million. Moneybarn offers secured car loans, predominantly through conditional sale agreements. The deal brings the car finance company into a network of lending platforms, including consumer loans and credit cards, and will help it to reach more customers. In a statement, Provident Financial said the management of Moneybarn, led by Peter Minter, will be retained. They will report directly to Peter Crook, group chief executive of Provident Financial.