Pimco and KKR among suitors for £1.7bn John Lewis card provider NewDay
Sky News has learnt that NewDay Group, which is owned by the private equity firms Cinven and CVC Capital Partners, is fielding interest from suitors including Pimco, the asset management giant, KKR, and a Bain Capital-led consortium which also includes Centerbridge Partners.
Banking sources said the parties were among a number of groups which were expected to table formal bids for NewDay in the coming weeks.
Some of the bidders, such as Pimco, are said to be interested in pursuing a deal to buy NewDay's consumer loan book rather than the company as a whole; others, meanwhile, are understood to be interested in acquiring the whole business.
NewDay, which took ownership of Argos's store card business last year in a £720m deal with J Sainsbury, the supermarket giant, has been exploring a sale or stock market listing for several months.
Last November, Sky News reported that NewDay's owners were lining up investment bankers at Barclays to advise on a process.
NewDay is one of Britain's biggest privately held providers of consumer credit services, with about 4 million customers.
The company is chaired by Sir Mike Rake, the former deputy chairman of Barclays, and run by John Hourican, the former Royal Bank of Scotland and Bank of Cyprus executive.
Its regulated product portfolio includes direct-to-consumer credit cards, including Bip, the UK's first digital-only credit card.
The company also has a string of merchant partnerships offering digital point-of-sale credit, such as Buy Now Pay Later and instalment finance products.
As part of the Argos deal, NewDay struck an agreement to create a new Argos-branded digital credit proposition, which will replace the existing card credit and store card products.
Last August, it said it had seen new customer acquisition rise by 36% during the first half of the current financial year, with customer arrears now standing at pre-Covid levels.
If NewDay decides to float instead of pursuing a sale, a number of other banks are expected to be hired alongside Barclays, whose appointment is said to be imminent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
North Wales Live
an hour ago
- North Wales Live
Wowcher slashes price of Samsung Galaxy Watch to just £39 in exclusive deal
Samsung users in search of a new smartwatch are in for a treat as Wowcher is offering an incredible deal not to be overlooked. The Samsung Galaxy Watc h, originally priced at £199, is currently available for just £39, marking a significant price reduction. This device is the original Samsung Galaxy Watch, which launched in 2018, but it still holds its own today. It features an always-on super AMOLED screen with touch controls and the capability to respond to messages and emails. You can find more of our bargain deals and shopping recommendations here. The watch can track up to 40 different exercises, enabling users to optimise their workouts. For money-saving tips, sign up to our Money newsletter here. Additionally, it can monitor users' sleep patterns to help them wake up feeling more rejuvenated. The Galaxy Watch also tracks sleep quality, creating a log that includes the four stages of sleep. It even monitors stress levels and offers intuitive guided breathing. However, it's worth noting that this is an older model with only 4GB of onboard memory. It's not the latest device on the market, and this particular model is refurbished, so bear that in mind. The good news is that Wowcher provides a 14-day no quibble return policy if it doesn't meet shoppers' expectations. For those seeking a more feature-rich device, Argos is selling the Galaxy Watch Ultra for £399, which boasts enhanced features compared to the Galaxy Watch and is one of the newer devices on the market. Alternatively, the Galaxy Watch7 from Sky is available for £9 a month - another of Samsung's latest devices at an affordable monthly cost. Reviews of the Galaxy Watch on Wowcher have been largely positive. One reviewer commented: "Excellent watch, does everything I need. Answers calls directly on the watch. It doesn't however answer calls from WhatsApp or FB Messenger on the watch, but maybe I'm doing something wrong. I just get a message to let me know I missed a call." Another user praised: "This is a great piece of technology. I am getting the hang of the setup but there are so many different things you can do with this watch that I don't know about yet! Using it to help me increase my fitness again during lockdown. Highly recommended." However, some users did express dissatisfaction with the battery life. One reviewer noted: "Overall the watch is good. Had to charge it every day when I first got it but I was playing with it a lot."
Reuters
2 hours ago
- Reuters
Absa CEO targets retail growth in South Africa and scale on the continent
JOHANNESBURG, Aug 18 (Reuters) - The CEO of South Africa's Absa Group (ABGJ.J), opens new tab says he will focus on modernising and building its retail banking business, promising stability after becoming the lender's sixth new head since longstanding chief Maria Ramos left in 2019. South Africa's third-largest bank by assets has been trying to innovate and improve performance since splitting from former British parent Barclays over the three years to 2020, but the churning of CEOs has weighed on Absa's profitability. Following Maria Ramos' retirement in 2019 after a decade leading the bank, it was headed by two other permanent and three interim CEOs before Kenny Fihla joined the lender in June. "There's no doubt that our retail business in South Africa was effectively trapped in a time (when) others were innovating and getting better ways of delivering to the client," Fihla said in an interview on Monday. "We were stuck in a particular era." In June, the bank reversed its former CEO Arrie Rautenbach's strategy of splitting its retail banking business into three units, instead merging them into one. "We're starting to see some early wins (in our retail business) in terms of the growth in client numbers and the growth in the number of clients who are transacting with us from the digital platform," Fihla said. "Once we have appointed permanent leaders to run all of these businesses, I think we are likely to see an increase in the pace of execution and far greater momentum developing going into 2026." Areas of focus for the bank include enhancing mobile and digital platforms and embedding artificial intelligence. It has also introduced value-added services, enhanced its rewards programme and added financial coaching tools, it said in a statement. On the rest of its Africa portfolio of 11 countries, Fihla wants to increase the bank's market share and scale and also look to merge its two businesses in Tanzania. "We'll also be looking at other larger markets where we do not have a presence," he said. In Nigeria, where the bank has a representative office, "we'd want to do more," Fihla said. "But the environment must be right before we can think about significant scaling up." ($1 = 17.5654 rand)
Daily Record
4 hours ago
- Daily Record
Apple's latest iPad Air falls to record low price in £120 price cut
The iPad Air M3 launched in March and is already more than £100 off as Amazon beats Apple and Argos prices. Apple's latest iPad Air has been reduced to a record low price in a £120 drop. In a new limited-time deal, shoppers can pick up the Apple iPad Air 13-inch with M3 chip for £679. This represents a 15% price cut from the usual £799 and is its cheapest price ever, according to price tracker camelcamelcamel. This beats the likes of Apple (£799), Argos (£729) and Very (£729), while Amazon has also cut the price of the iPad Air 11-inch from £599 to £529. The iPad Air M3 hit in the market in March, designed as a slimmer and sleeker version of the standard iPad. It has a 6.1mm depth and weighs 460 grams, but still packs a punch thanks to Apple's M3 chip which makes it twice as fast as the iPad Air with M1 chip. Giffgaff's 50p 'unlimited everything' deal is £180 off and rivals EE, O2 and Three Easy planning tool reveals charming spots near Europe's most iconic locations This ensures it runs smoothly even while performing challenging tasks like streaming or gaming. The tablet boasts a high-resolution Liquid Retina display, an upgraded 12MP camera, and 'all-day' battery life with fast charging capabilities. Among the other standout features is Apple Intelligence, the tech giant's own artificial intelligence (AI) system. With this, users can remove unwanted elements from photos, turn a rough sketch into an image, employ a ChatGPT writing tool, and create original images based on descriptions. The new iPad Air M3 also offers support for accessories such as the new Pencil Pro and Magic Keyboard, but these must be purchased separately. The device comes in a choice of four colours – blue, purple, space grey and starlight – but prices vary among each variant. Elsewhere, Sky Mobile lets customers spread the cost of their tech, with the same model costing £21 when spreading the cost with no upfront fee. Sky also offers several Samsung tablets for those who prefer Android. This includes the Galaxy Tab S10+ 5G with Galaxy AI from £28 a month on a 48 month contract with the option to change device at 36 months. This includes Buds Pro and an AI Keyboard worth £448. But for those sticking with Apple, the iPad Air 13-inch with M3 chip has achieved an impressive 4.7-star rating after more than 100 reviews – 96% of which are four or five stars. One happy customer said: 'I love my new iPad Air. 'Apple has made it super easy to transfer your old device and the processing time is much quicker compared to my previous iPad Air. It's a considered purchase but well worth the money, I'd highly recommend this new iPad Air.' Another said: 'The Air's display is so much brighter than my old iPad and the whole operating system is faster and I can add many more layers in procreate than my old iPad. I didn't think I'd enjoy the year as much as I am, and I'm so glad I upgraded.' Despite their five-star review, this buyer also noted a downside, saying: 'Serious piece of kit, can't fault the operating system. iPad itself with a case is rather heavy though.' While another glowing review said: 'As with every Apple product, the quality is amazing and it's ridiculously fast. Battery life is so much better than the iPad Air I had before.'
