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The Money Store sold for £325m to Cabot Square Capital

Cabot Square Capital the private equity house is splashing out £325m to buy The Money Store.

The London-based house moved in to snap-up the sub-prime lender after buy-out talks between The Money Store and its arch rival Kensington Mortgage Company collapsed in June.

The Money Store which is valued at £425m was put-up for sale in May by its US parent First Union after it under performed and failed to establish a presence in the market despite a high profile television advertising campaign featuring comedian Paul Merton.

First Union which itself ran into financial difficulty earlier this year will retain control of The Money Store&#39s US operation.

Cabot Square Capital in which Credit Suisse First Boston is a major investor believes there are significant growth opportunities in the sub-prime market.

It is predicting the economy will continue to grow and people who have had financial difficulties will find the confidence to take out mortgages causing a boom in the sub-prime market.


Norwich Union produces explanatory Isa video

Norwich Union is aiming to tackle consumer ignorance over Isas by producing a free explanatory video.The free video entitled &#34The Isa Age&#39 will attempt to provide a set-by-step guide to Isa investment options and charges.NU Investment Funds director of sales and marketing Mark Skinner says: &#34The lack of understanding is highly alarming, investors are being […]

PIA suspends Kent IFA

The PIA has suspended Kent IFA Chartertrack Financial Services from conducting investment business.The firm based at Bank Chambers, 8 The Parade, Staplehurst, Kent has been suspended because it appears to the PIA that the firm may not be fit and proper as it is unable to comply with the PIA&#39s financial resource requirement.

UK lags behind European rivals for internet banking

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Axa Sun Life launches global distribution fund

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Natixis video: Making smarter use of asset classes

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