UK Money News
9th July 2008
FirstPlus withdraws from secured loans sector
FirstPlus, the secured loans subsidiary of Barclays, has announced it is withdrawing from the market.
An announcement from the lender said that it will no longer be taking on any new customers after August 9th.
The company will, however, continue to manage the loans of its existing 128,000 customers.
As a result of the move, 300 staff will lose their jobs at their Cardiff office.
Managing director Neil Radley told the Telegraph: "In the past year we have tried a whole range of activities to develop our business but the market demand simply isn't strong enough.
"We recognise this is a difficult time for our people and will be providing all those affected with support and assistance."
News of the move follows the announcement that rival secured loan provider GE Money has scaled back its business.
The withdrawal of FirstPlus means that there are now just seven providers of the products in the UK market.
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