Adrian Hargrave, CEO of SEEEN, explains how the Company is now funded through to profitability. Watch the video here.
You know very well Pooks, they are the experts at hide and seek. We can seek as long as we like but they are so clever at hiding things. I wonder why they never disclosed the figure, probably too high to tell us. Just add this to other things they never told us.
Yes Pooks you are correct, it was doomed anyway. The BOD knew this so why make the changes when they did, it was unnecessary, considering the company had operated this system for over 100 years. They could have close it down gradually still using self employed agents. The BOD crashed the company and share price for no reason. The government wanted to shut down all companies who used doorstep collection (cash). due to health and safety and money laundering issues. They used the FSA to do so and succeeded.
That's all history now. I think having H&T onboard is a positive step and will be very good for Vanquis.
The most sickening thing about all this is, the BOD kept silent and the catastrophic impact this was going to have on the share price, the poor investors who were oblivious to what was going on were going to take the hit.
He came back to PFG to help them out with no intention of staying and that was for a very good reason. The changes to the structure of the company, which he was so dead against, had done irreversible damage which could not be corrected. The company had changed to employed agents from self employed agents and that was the big mistake, it was never going to work, that's what put the company on its knees. Gillespie left PFG after he sorted out a lot of the problems but he knew PPC was doomed. PPC had 1.8m customers and today that is zero. He went from PFG to H&T where he became the CEO.
ITK24. No it isn't. What on earth are you talking about, stuck in the 80s. Chris Gillespie was asked to come back to PFG and sort the mess out in 2017.
Well well well, who would have believed this, H&T partnership. The CEO of this company is my good old friend Chris Gillespie. So who is Chris Gillespie. The most experienced and successful guy in the UK for home credit. This is the guy who took the PFG share price from £6 to £35. This is the guy (ex CEO of Provident Personal Credit) who had to leave Provident because the CEO of PFG (Peter Crook) just didn't see eye to eye with him and wanted him out. Chris Gillespie resigned from PFG as he could see the company crashing as Crook wanted to make changes that would devastate PFG, he was proven right. The same guy the chairwoman had to get on her knees and beg him to come back and sort the mess out, which he did. Chris Gillespie is a born and bred Provident man and to me this means one thing, he is helping Vanquis with his advice, how to turn things around. This is best news to come from Vanquis in years. If they listen and learn from him the company will be onwards and upwards sooner rather than later.
I totally agree, the MMs are not stupid and they had their own reasons to increase the share price on that day. I made an extra £160, not big bucks but better than nothing.
Pooks. You can manipulate the share price but you have to pick the right time to do it. The best time to do it is when there aren't that many trades taking place and the spread is wide. I've only tried it once and it worked. I had 20,000 shares that I wanted to sell. I purchased another 2,000 and split the trades by 20 x 100 forcing the price up during the day. I then sold the 22,000 shares and made a bigger profit than if I had sold the 20,000. I think a lot of this goes on and I've seen many trades where single shares are repeatedly bought or sold moving the share price either way. On that day, I bought 2,000 and sold 22,000 and the share price was still up. It's the amount of trades that take place, moving the share price rather than the value.
I've never mentioned profit because that goes hand in glove with the serviceable customer count. If the serviceable customer base decreases the profit will go the same way, which has happened. When the profits keep decreasing so will the share price, although they can still make reduced profit. My point is, unless they can grow their customer base, profits will not increase to the level expected. I have no doubt, the new management can deliver and turn things around but they need time. How long is it going to take? IMO at least two years. I would reintroduce the 13 week budget loan for utility bills. It was an excellent product, not only for gaining new customers but once onboard you knew their financial situations and could offer other products. In a nutshell, I cannot see the products they have on offer at the moment changing the current situation to a great degree.
If they can diversify into other areas and get new products up and running ASAP, confidence in the company would return and the future look more promising.
Opti_mystic. I have been saying this for 4 years now, yes 4 years. Unless they grow the customer base they are going to have big problems and that's exactly what has happened. Their key business the Vanquis credit card is dead in the water. Then people wonder why the share price has hit a lifetime low. I cannot see how they can change the situation with the card. They need to diversify into other areas and offer. Insurance/assurance etc, just like other banks do. Last time I asked this question, over two years ago, nobody could answer it. Where is the growth going to come from? If you can answer this, please contact the CEO and help him out.
Deadly right
I must admit I expected Vanquis to go backwards but I never imagined it would be this bad.
OK Mary, think you have seen this before. Posting this again from May 2023
The Vanquis Jaguar compared to the IPF Mini. The Jaguar looks better than the Mini but you can't just go on looks.
Lets see what's under the bonnets. I am impressed, the Mini has a cooper S engine, and that's a plus I wasn't expecting. Now for the Jaguar, OMG it only has a 1300cc engine, no wonder it has hardly moved in the last three years. There's a brick behind the back wheel as the handbrake isn't working properly and it keeps rolling backwards. The owners tell me they have made lots of improvement but I just can't see where. Shame they didn't fix the handbrake. The performance is poor due to the engine cc size. Looks are deceptive, you need to delve deeper when buying into something. CC stands for customer count and their inability to increase it. Until they make the cc bigger, this Jaguar isn't going anywhere. So lets take a look at how positive they are about increasing the size of the cc. Look at their Annual Report and what Tracy the ICU nurse had to say, there's the answer. Signing up the spouse or partner to become another customer. the deceptive way to increase the cc. If anything changes in that household you double the problem with reduced or non payments. Also, part of the cc isn't working as these are credit card holders who don't use them. Vanquis you need new door customers, adding a twin carb is not the answer. Now lets look at the Mini cooper S. Strong cc and increasing. It can drive anywhere, unlike the Jaguar. It has driven into a new area of Mexico where the potential of increasing the cc is immense. This car is nippy and going places.
Investors don't be fooled by the look of the Jaguar, it might look attractive but it's the cc size of the engine that counts.
IMO and I keep saying this, the car fiasco is a smokescreen for other underlying problematic issues. To find out what they are, we will have to wait for the Annual Report. People are saying the CEO should come out with a statement to reassure shareholders. If there is no good news, how can he instil any confidence? Read between the lines. What is this telling you about the Annual Report? All the signs are pointing towards, dire. I hope I'm wrong.
ARahim. You quote, In 2025, the Group intends to deliver accelerated but disciplined growth across its full range of products. Take that with a pinch of salt. A totally unrealistic sweeping statement to instil confidence, that just isn't going to happen. The reason I say this is, their credit card business is stagnant and has been for the last four years. In finance it's the most difficult business to manage/control, hence the reason they are having problems. You can lead a horse to water but you can't make it drink. In other words you can issue many credit cards but you can't make the people use them.
For you who do not know the history of PFG, they split the company some years ago. PFG covered the UK and Southern Ireland and IPF the new company was international. At that time they were in Poland and to this day IPF in Poland is called Provident.
Mary. I know you looked into IPF when I mentioned the company, I was then know as Provivan. At that time you decided to go with Vanquis but obviously things have changed some what. I thought you might be interested in this.
Stonegate Capital Partners is a leading capital markets advisory firm based in the USA.
IPF Valuation: We use a DCF Analysis and a Comparison Analysis to frame valuation. For the comparison analysis we used a combination of P/E, P/TBV, and EV/EBT multiples to determine a valuation range for IPF. When we blend these multiple comparisons, in combination with our DCF analysis, we arrive at a median price range of £1.85 to £2.20 with a midpoint of £2.01.
About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
The FCA knew prior to October 2019 about the car dealer commission and never investigated it. They only changed the rules. Now five years later they are investigating it. The Financial Conduct Authority. What sort of conduct it that. What a joke.
FCA Press Releases First published: 15/10/2019 Last updated: 15/10/2019
The Financial Conduct Authority (FCA) has today announced plans to ban the way in which some car retailers, and other brokers in the motor finance sector, receive commission.
Currently, some motor finance brokers receive commission which is linked to the interest rate that customers pay. The broker can set that rate and the FCA found that the widespread use of this type of commission creates an incentive for brokers to act against customers’ interests. The FCA estimates the changes would save customers £165 million a year.
Preventing the use of this type of commission would remove the financial incentive for brokers to increase the interest rate that a customer pays and give lenders more control over the prices customers pay for their motor finance.
Christopher Woolard, Executive Director of Strategy and Competition at the FCA said:
‘We have seen evidence that customers are losing out due to the way in which some lenders are rewarding those who sell motor finance. By banning this type of commission, we believe we will see increased competition in the market which will ultimately save customers money.’
The FCA is also proposing to make changes to the way in which customers are told about the commission they are paying to ensure that they receive more relevant information. These changes would apply to many types of credit brokers and not just those selling motor finance.
The FCA is consulting on the new rules until 15 January 2020 and plans to publish final rules later in 2020.
Before I get pulled up by someone, it should have been knew not new 😊