NewDay Ltd
FormerlyProgressive Credit Limited (2010–2014)[1]
Company typeLimited company
IndustryFinancial services
FoundedSeptember 2000
HeadquartersLondon, England[1]
Key people
John Hourican (CEO)
ProductsCredit products
Websitenewday.co.uk Edit this at Wikidata

NewDay Ltd,[1] formerly SAV Credit,[citation needed] is a financial services company specialising in providing credit products to consumers in the United Kingdom.

History

The company was established in 2000.

On 13 May 2013 the company completed the purchase of Santander UK's store card business, including branded cards issued for retailers including Topshop, Dorothy Perkins, House of Fraser and Debenhams.[2] Santander continued to operate the cards business until 1 April 2014, when SAV took full control and was renamed NewDay.[3][4]

In March 2015, it was rumoured that NewDay was for sale, valuing the company at around $1.49 billion.[5]

In March 2019, John Hourican was named CEO of NewDay, succeeding James Corcoran to the position.[6]

It was announced in May 2022 that John Lewis Partnership's white-label agreement with HSBC UK would end later that year, with new and existing Partnership Card accounts migrated to a reshaped service run by NewDay.[7][8]

Structure

NewDay is organised into two limited companies: NewDay Ltd and NewDay Cards Ltd. Both are authorised and regulated by the Financial Conduct Authority,[9] and subscribe to the Lending Code.[10]

Investors

Private equity firms Cinven and CVC Capital Partners are investors, both having representatives on its board of directors.[11]

References

  1. ^ a b c "Newday Ltd overview - Find and update company information - GOV.UK". Companies House. 28 June 2010. Retrieved 2 March 2024.
  2. ^ Steve Slater (20 December 2012). "Santander UK to sell UK store cards portfolio". Reuters. Retrieved 29 April 2013.
  3. ^ "SAV Credit completes acquisition of Santanders Retail Co-Brand Credit Card / Point-Of-Sale Finance Business". SAV Credit. 13 May 2013. Archived from the original on 28 July 2013. Retrieved 28 May 2013.
  4. ^ "NewDay". SAV Credit. 2014. Retrieved 5 February 2014.
  5. ^ Raice, Giles Turner and Shayndi (23 March 2015). "NewDay Group Owners Preparing for Sale or IPO". Wall Street Journal. Retrieved 28 August 2019.
  6. ^ Kleinman, Mark (2 March 2019). "Ex-RBS banker Hourican returns to UK in job at credit card giant". Sky News. Retrieved 1 December 2022.
  7. ^ Tetley, Liza (5 May 2022). "John Lewis bins HSBC for NewDay to relaunch consumer credit card". AltFi. Retrieved 11 June 2022.
  8. ^ Witherden, Grace. "John Lewis to relaunch Partnership reward credit card with NewDay". Which?. Consumers' Association. Retrieved 11 June 2022.
  9. ^ "Company Registration Details". NewDay. April 2014. Retrieved 18 April 2014.
  10. ^ "Subscribers". Lending Standards Board. Archived from the original on 24 October 2015. Retrieved 5 November 2015.
  11. ^ "Board of Directors". NewDay. Retrieved 11 June 2022.


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