Everyday Loans is sold by Secure Trust for £127m

Secure Trust, the banking group, has sold its subprime consumer finance business Everyday Loans for £127 million to Non Standard Finance, an acquisition vehicle headed by the former Provident Financial chief John van Kuffeler. NSF is issuing shares to raise £160 million to finance the acquisition which follows its purchase of Loansathome4u. The placing price of 85p is 15 per cent below the 100p price at which NSF floated in February. Everyday Loans has 40 branches and 37,000 customers.