Provident Financial, the ailing doorstep lender, and Dairy Crest, the maker of Cathedral Cheese, have received offers worth more than £2 billion, marking a return of takeover activity to London.
Non-Standard Finance, the sub-prime lender, has made a £1.3 billion all share offer for its larger rival Provident, while Saputo, one of Canada’s largest dairy companies, is offering £975 million in cash for the British producer of cheeses, butter and spreads.
John van Kuffeler, who founded NSF four years ago to consolidate the sub-prime finance market, said that the deal would “create a market leader”. NSF is the second biggest provider of guarantor loans behind Amigo and also offers branch-based loans of up to £1,000 as well as loans at home.
Mr Van Kuffeler, who