Provident appoints former boss to begin rescue
Provident Financial has moved to bring in expertise to its home credit business, which revealed catastrophic problems earlier this week.
The division was forced to announce that its transformation programme, which was expected to boost profits to around £150m, was now forecast to generate losses of between £80m-£120m.
Provident's chief executive Peter Crook left the business with immediate effect and its shares crashed 66% on Tuesday, wiping £1.7bn off the company's market value.
It has made small inroads into that in tra... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
