Business
Disposal of retail point of sale finance business
Disposal of retail point of sale finance business.
About this update from Close Brothers Group Plc
[{"type":"text","content":"\n \nRNS Number : 7527A Close Brothers Group PLC 14 September 2018 \n\n \n \n \n\n\n\n \nDisposal of retail point of sale finance business\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nClose Brothers Group plc (\"the group\" or \"Close Brothers\") today announces the sale of Close Brothers Retail Finance, which provides unsecured finance to consumers through retailers, to Swedish payment solutions group Klarna Bank AB. The sale is expected to complete in the current calendar year, subject to regulatory approval and other customary conditions.\nThe sale reflects the group's decision to exit the unsecured retail point of sale finance market after gradually and incrementally developing this business and assessing the market opportunity over the last several years. The group has concluded that the business does not provide a long-term fit with our predominantly secured business model.\nThe Business had a loan book of £66 million at 31 July 2018. It will be treated as a discontinued operation in the group's forthcoming full-year results.\nEnquiries\n \n\n\n\nSophie Gillingham\n\n\nClose Brothers Group plc\n\n\n 020 7655 3844\n\n\n\n\nLiya Dashkina\n\n\nClose Brothers Group plc\n\n\n020 7655 3468\n\n\n\n\nMatt Bullivant\n\n\nClose Brothers Group plc\n\n\n 020 7655 3698\n\n\n\n\nJames McFarlane\n\n\nMaitland\n\n\n020 7379 5151\n\n\n\n \n \nAbout Close Brothers\nClose Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading. We employ over 3,300 people, principally in the UK. Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250.\n\nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com. END DISKMGMLRFFGRZM\n ","length":4721,"tagName":"div"}]