Shake-up at Provident

ShareS in crisis-struck Provi- dent Financial rallied again yesterday as it launched a sweeping overhaul of its management.

The Provvy, which lost twothirds of its value following a profits warning on Tuesday, is bringing back former executive Chris Gillespie as managing director of the consumer credit division, which was hit by a computer system glitch which meant debt collectors were turning up for appointments at the wrong houses and times.

Gillespie, 54, was managing director of the division from 2007 until 2013. he will be supported by Luke enock, who runs Provident’s online lending brand Satsuma and will take on the additional role of Gillespie’s deputy.

Shares rose 22.5pc, or 168p, to 916p yesterday, although the stock is still down more than 45pc in four days following a profit warning when bosses admitted consumer credit was heading for an annual loss of up to £120m.

Chief executive Peter Crook quit over the catastrophe.