Provvy’s strong growth

DOORSTEP lender Provident Financial has bolstered its defences against a takeover with strong growth in parts of the business its pursuer would sell.

Provvy car finance arm Moneybarn did 40pc more new business in the first quarter than in the same period of last year.

And its payday loan operation Satsuma saw lending grow by 16pc. The figures will be a blow to Non-Standard Finance, which is trying to seize control of Provvy in a bitter takeover battle.

NSF would sell Moneybarn, and sell or shut Satsuma, claiming they are a distraction from the doorstep lending and credit card arms. Provvy believes it is important to keep all four businesses together.