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Moneyforums
Veteran Investor
Joined: 18 Jun 2004
Posts: 598
Cash Points ££ 250.42
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 Posted: Thu Dec 15, 2005 9:32 pm Post subject: Yes Car Credit to close ! |
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The Yes Car Credit business is to close, with the loss of 820 jobs, it has been announced.
The company’s owner, Provident Financial, said that the business was “no longer viable”.
In a statement, Provident Financial said: “Increased competition from motor dealers for sub-prime finance customers, together with regulatory changes that have reduced sales of insurance products, have resulted in operating conditions that are very different from those that prevailed when we acquired the business. “
Provident Financial said that Yes Car Credit ceased to be profitable in 2004 and was expected to post a pre-tax trading loss of about £24 million this year.
Provident Financial had been seeking to find a buyer for the motor retailing activities of Yes Car Credit for the past three months, but negotiations broke down on December 9.
The trading activities of Yes Car Credit will cease today and all branches will be closed. The vehicle financing activities will also cease and the book of customer receivables, valued at around £240 million, will be collected out as they fall due. |
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