AM Online

Gewolb returns to buy Park Finance

Park Finance, the Cardiff-based lender, is expected to shift its emphasis from premium to non-prime business following its acquisition by Roger Gewolb.

The price he paid for Park is not known and Peter Comber, former chief executive, was on holiday and unavailable to comment.

Gewolb is respected in the lending sector as a forceful and skilled operator in non-prime, though he has had problems in the past. He is the former owner of British Credit Trust, and of ACT, which went into receivership in May 2003.

An industry consultant says: “Independents in the loans sector will be watching because Roger Gewolb understands the non-prime market better than most.

"A key to success is having collectors that can apply just the right amount of pressure on customers."

Non-prime is a tough sector to be in, and Park Finance competed through its Gateway subsidiary to distance the activity from its main, premium business.

Roger Gewolb did not respond to a request from AM for a comment about his plans for Park Finance.

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Login to comment

Comments

No comments have been made yet.