Invesco's Barnett backs doorstep lender's cash call to fund takeover

Invesco Perpetual is set to back the acquisition of Moneybarn by peer Provident Financial, in which it holds a 20% stake.

Provident Financial announced this morning it plans to buy rival Moneybarn for £120m and will raise equity through an ordinary share placing to fund the transaction. Invesco Perpetual, which owns 20% of Provident Financial via funds including Mark Barnett's two giant income portfolios, is set to back the acquisition, which is expected to widen the lender's existing service offering into the car loan space. Provident said in a statement: "Funds managed by Invesco Asset Management which currently hold 27m shares in the company, representing 19.2% of the issued share capital, have confir...