Secured Loans Titbits #5
As yet there’s been no Stock Market announcement or holding statement issued, but it is rumoured that Cattles PLC (CTT) are in the process of buying Manchester-based sub-prime lender London Scottish Bank. London Scottish Bank announced in July that it had received a number of approaches from other firms looking to acquire the company, but it is believed it is now in exclusive talks with Cattles.
London Scottish Bank - which comprises of intermediary lender London Scottish Mortgages -specialises in personal loans, home collected credit, debt collecting, secured lending, factoring and reinsurance. If this happens, it will be interesting to see how it affects Cattles relationship with the Alliance and Leicester.
Despite only launching in August Loanoptions has reported 400 intermediaries signing up to its white label website offer. Speaking about the success of the website offer, Andrew Moody, managing director of Loanoptions.co.uk said “By giving intermediaries a compliant shop window, they can now confidently market products knowing that they are totally compliant and at the same time open a new business avenue and income stream and it has not cost them a penny.”
At the same time another secured loans specialist Yes Loans and Mortgages has just celebrated its 5th Birthday. Having started with only 3 staff as late as 2001, Cardiff based Yes now has 80 staff and predicts turnover of £10 million for its sixth year of trading.
Yes is also to be named as one of the fastest growing companies in Wales in The Western Mail’s ‘FG50’ annual league at a dinner at The Celtic Manor later this month.
