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Lender parent poised to axe 350 jobs
A holding firm’s recent consolidation decision could potentially cause 350 redundancies and may also trigger a knock on effect upon 200 UK stores belonging to a major lender.
Alternative financial services organisation, Dollar Financial, has revealed that its subsidiary ex-payday lender, The Money Shop, may be affected by a recent proposed consolidation of its online and retail businesses.
Dollar Financial has commented that 350 redundancies may be made and has informed all employees of the proposition. A consultation process ha been started with elected employee representatives.
A statement released said that redundancies may be necessary “as the company evolves its business to serve customers in a fair and sustainable way following the introduction of the new regulations on consumer lending, as well as removing duplication of facilities inherited through previous acquisitions.”
The Money Shop has a network of around 500 high street stores nationally, and has recently started offering personal loans from £100 up to £1000 to be repaid in monthly instalments over a two to six month period. It has revealed on its website that it no longer offers single payment loans, however it has directed consumers to its sister firm, Payday UK, for those seeking that type of loan.
Dollar Financial clarified that 200 of The Money Shop’s high street locations may be affected by the review. It was stated that some high street locations were likely to be closed, including Dollar Financial’s head office in Bromley.
“We fully acknowledge the impact these proposals may have on our people both personally and professionally and we will support affected employees through this process and into future employment,” the statement reads.
“Dollar Financial is committed to ensuring that the business review is undertaken in a way that allows a comprehensive consultation and communication process with those likely to be affected.”
Dollar Financial’s UK companies include The Money Shop, Payday Express and Payday UK.
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01-13-2015 / Hugh Counsell:
The Money Shop are notorious for very, very high charges. I hope they close down completely.