September 25, 2007

Firstplus to be sold

Barclays bank could be getting ready to sell off the secured loan business Firstplus, and it does look like it will happen sooner rather than later. As the bank is probably looking to reduce their debt burden, this would appear to be a growing trend throughout the whole financial services market.

Firstplus is based in Cardiff and employs 300 people. The company specialises in secured loans, which in this type are market is not as risky as some of the other borrowing that threatens to upset the whole sector.

Barclays originally acquired Firstplus when they took over the building society The Woolwich, they have been trying to sell the business off and on since 2002, but it is expected that they will not be able to get anything near the £4.5 billion value of its current outstanding loans.

Source [IC Wales]

Filed Under Money