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(An item published at 0939 GMT misstated the external role currently held by Miles Cresswell-Turner. The correct version follows.)
LONDON (Alliance News) - Non-Standard Finance PLC Thursday said it is looking to raise about GBP100 million in a flotation on the main market of the London Stock Exchange, including GBP48 million already secured from Woodford Investment Management LLP, Invesco Asset Management Ltd and Marathon Asset Management, with the aim of acquiring at least one business that provides secured and unsecured credit to consumers.
The company's aim is to target the "12 million people" in the UK that have been left struggling to access mainstream financial services in the wake of the financial crisis.
"A number of entrepreneurial start-ups began to fill the gap in the market, but many of these firms lack the capability to reach their full potential. By treating customers fairly, delivering excellent service and lending responsibly, we plan to establish a sustainably profitable group of businesses serving an important socio-demographic cluster," John van Kuffeler, chairman, said in a statement.
Van Kuffeler, the former chief executive and then chairman of Provident Financial PLC, founded the business alongside Chief Financial Officer Nick Teunon, formerly of Marlin Financial Group Ltd. Charles Gregson, the chairman of ICAP PLC, is a non-executive director, as are Robin Ashton, the former chief executive of Provident Financial, Taylor Bennett Ltd Managing Director Heather McGregor and Miles Cresswell-Turner, a partner in Duke Street LLP.
The company declared a placing price of 100 pence per share. Closing of the order book, publication of the prospectus and allocations are expected next week.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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