Provident reprieved

TROUBLED doorstep lender Provident Financial granted investors a reprieve yesterday, as bosses insisted a clean-up operation was on track.

The firm’s stock crashed in August and chief executive Peter Crook quit after a disastrous reorganisation saw it lose thousands of its debt collectors and customers, which led to a profit warning.

But interim boss Manjit Wolstenholme said fixes were bearing fruit – including hiring 300 collectors – and that 65pc of the money it is owed is now being collected, up from 57pc.

However, it will not be enough to save the firm’s home credit division from an £80m to £120m annual loss.

Shares yesterday rose 12.4pc, or 98p, to 887p.

That will be a relief to fund manager Neil Woodford, whose reputation as a star stock-picker took a hit when the firm crashed. The value of his 19pc stake rose by around £31.4m yesterday.