Doorstep lending reaches end of the road as Provident Financial pulls plug
The decision to walk away from the sector after 140 years collecting debts is part of a plan to become a broader banking group
Malcom Le May has not had the easiest few years trying to turnaround embattled lender Provident Financial.
Today, however, he is feeling particularly emotional as the plug is finally pulled on its controversial doorstep lending arm - the backbone of the business initially founded 141 years ago to help Britain s poorest households make ends meet. It is a sad day because the doorstep lending business is part of the group s heritage - it means we re moving away from the original business formed back in 1880, he says. I ve got responsibilities to a number of different stakeholders, but today is clearly a very sad day for our customers and it s going to be a difficult period for our colleagues.