Finance provider Premium Credit has set aside £5.6m to cover losses arising from its dealings with Independent Insurance.
It is understood that 3% of Premium Credit's business was with Independent Insurance and, although the firm has put aside more than £5m in provision for losses, the eventual cost will be £2m to £3m.
Premium Credit chairman Graham Puttergill reported the exceptional cost alongside the company's annual figures for the year to December 31, 2000.
Over the 12 months, Premium Credit's turnover rose 33% to £1.2bn and pre-tax profits rose 34% to £17.6m, compared to the same period in 1999.
Puttergill said: “We've had a great year and this year is going like a steam train, too.”
A market analyst attributed Premium Credit's massive growth in 2000 to the amalgamation of rivals Tifco and Prompt. The analyst reckoned that Premium Credit picked up £200m of turnover in the fallout from Prompt's acquisition.
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