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

Anna Fedorova
clock

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...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

Small-caps look to “boost their future cash surplus” during recession.
UK

Miton's Gervais Williams: Recession may favour 'immature businesses'

FTSE Small Cap down 15% year-to-date

clock 29 June 2022 • 2 min read
The fall in sales volumes over the month was because of food stores, which fell by 1.6%.
UK

UK retail sales slip in May as consumer confidence falls to lowest on record

Shoppers cut back on food spending

clock 24 June 2022 • 2 min read
"UK is at a crossroads"
UK

Average global funds hold a third less in the UK than before Brexit

Brexit risks still an issue for managers

clock 23 June 2022 • 4 min read
Trustpilot