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Barclays halts FirstPlus and dismisses 300
08.07.08
A controversial loans business owned by Barclays is to close to new business and sack 300 staff.
FirstPlus, which was promoted in adverts by TV presenter Carol Vorderman, made secured loans to those with less than perfect credit histories. Today it said it will manage its back book of 128,000 customers, but will not be seeking new ones.
Managing director Neil Radley blamed "slowing demand" for the decision to cut jobs.
"We have tried a whole range of activities to develop our business but the market simply isn't strong enough," he said.
About 130 staff will be retained in Cardiff. FirstPlus is thought to be up for sale, but may struggle to find a buyer.
Vorderman fronted the business for 10 years until her contracts came to an end last month.
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