Nine managers who formed Yes Car Credit are to share up to £62m after agreeing to sell the business to Provident Financial for up to £141m. Provident is paying £53.1m in cash and loan notes, plus a deferred amount of up to £88m due in June 2004.

Yes Car Credit, the £153m turnover sub-prime lender, was formed in 1997 by Len Newby and Joe Prince with backing from venture capitalists Candover and with mezzanine finance from Royal Bank of Scotland. It employs 300 people.

Its £16.4m of bad debts written off in the first ten months of this year represent nine per cent of its £181m turnover in the period.

Source: Daily Telegraph.