27 February 2018
Clifford Chance advise Provident Financial plc in relation to a strategic review and resulting £331 million rights issue
Clifford Chance advised Provident Financial plc, the UK non-standard credit provider, and its Board following its profit warning in August 2017 in relation to a strategic review and resulting £331 million rights issue and related £85 million bridge facility and bank consents which were announced on 27 February 2018. This was achieved against the back drop of subsidiary, Vanquis Bank, settling the FCA investigation into its credit card Repayment Option Plan, and the group's Home Credit Division progressing its recovery plan following significant disruption to its business as a result of transition to a new operating model through the Summer of 2017.
Partners Mark Poulton and Simon Thomas led the Clifford Chance team advising Provident Financial, a new client to the firm, in relation to the strategic review and rights issue and Emma Folds and Peter Dahlen led on the related lender arrangements.