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December 3, 2009updated 12 Apr 2017 11:57am

Inchcape Financial Services to stop writing new business

In its annual report and accounts, filed at Companies House, the company, which provides hire purchase, leasing and point-of-sale motor finance for customers of Inchcapes chain of car dealerships, said: A change in the companys activities is planned, with the intention that no new business is to be written in future. Inchcape FS, which is 51 percent owned by Lloyds Banking Group and 49 percent by Inchcape Motors International, was first set up in the late 90s as a joint venture between NWS Bank (later Capital Bank, then HBoS Group PLC) and Inchcape

By Jason Hesse

Inchcape Financial Services, a joint venture between Lloyds Banking Group and Inchcape Motors International, has ceased to write new business.   In its annual report and accounts, filed at Companies House, the company, which provides hire purchase, leasing and point-of-sale motor finance for customers of Inchcape’s chain of car dealerships, said: “A change in the company’s activities is planned, with the intention that no new business is to be written in future.”   Inchcape FS, which is 51 percent owned by Lloyds Banking Group and 49 percent by Inchcape Motors International, was first set up in the late 90s as a joint venture between NWS Bank (later Capital Bank, then HBoS Group PLC) and Inchcape.   With a portfolio exceeding £100 million, Inchcape FS’s results for the year ending December 31 2008 reflected the general negative trend in the motor finance market.   Although turnover grew by nearly 20 percent year-on-year to £4.4 million, the joint venture recorded a pre-tax loss of £179,000, compared with the previous year’s profit of £238,000.

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