EMCC European Monitoring Centre on Change

Yes

Company/Organisation:
Yes

Geographic Location

Country: United Kingdom
Region: West Sussex; Surrey, East and West Sussex; South East
Location of affected unit(s): Horsham

Company

Sector: Retail
Wholesale and retail trade; repair of motor vehicles and motorcycles
45.1 - Sale of motor vehicles
Number Employed: 820
Group: Provident Financial

Employment Effects

Announcement Date: 14-12-2005
Planned Job Reductions min: 820
Planned Job Reductions max: 820
Type of Restructuring: Bankruptcy/Closure

Additional Information

The Yes Car Credit business is to be closed with the loss of about 820 jobs, its owner Provident Financial has said. Provident Financial said Yes Car Credit was 'no longer viable' after talks with possible buyers of the company collapsed last week. Provident said tough competition and changes to the regulatory environment had changed trading conditions, and Yes had ceased to be profitable in 2004. Yes, which is based in Horsham in West Sussex, is expected to make a pre-tax trading loss of £24 million in 2005.