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Provident Financial appoints new boss to home credit arm

From BBC - August 24, 2017

Troubled doorstep lender Provident Financial has made a management change at its consumer credit division.

The firm lost two-thirds of its share value on Tuesday after it issued its second profit warning in three months.

Chris Gillespie has been appointed managing director of the home credit business, replacing Andy Parkinson.

His task is to re-establish relationships with customers, bring collections back to a normal level and stabilise the operation of the company.

The FTSE 100 company expects to make losses of 80m to 120m after its debt collection rates fell to 57%, compared with a 90% rate in 2016.

Bradford-based Provident recently changed the way it collected its loans, replacing self-employed agents with "customer experience managers".

Chief executive Peter Crook resigned earlier this week.

Manjit Wolstenholme, Provident Financial executive chair, said she was seeking to "turn the home credit business around and to putting a plan in place to deliver good results for the company".

Also joining the firm's home credit business are Luke Enock, who currently works for Provident subsidiary Satsuma, and Greg Cant, also currently employed at Provident.

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