The Very Group has replaced HSBC as the bank running its customer loan portfolio worth around £1.8bn.
The Barclay family-owned online retailer has handed over responsibility after 10 years to NatWest to run the securitisation of its buy now, pay later offer, The Times reported.
About 90% on Very are made through customer loans and the group repackages the loans into a securitisation facility that has been active for more than twenty years.
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The retailer’s decision to switch lenders comes after HSBC put the Barclay family’s logistics company into administration last year.
The back hired restructuring advisors to manage the insolvency of Logistics Group Limited to seek payment on its debt of £143.5m.
It was reported in October that The Very Group was working with Barclays, JP Morgan, and Morgan Stanley to manage a strategic review that could lead to a sale of the business.
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