Our strategy

We aim to consistently grow our earnings and create attractive returns on the money we invest.


The group has four key strategic objectives to deliver our mission which are measured through a number of financial and non-financial key performance indicators (KPIs).

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1 . Growing sustainable, customer-centric businesses that deliver attractive returns in non-standard markets

Apply exacting standards in allocating capital to organic and acquisition opportunities to invest in businesses that:

  • Deliver a target return on assets for the group of approximately 10%. Attractive returns are available in the non‑standard market to those companies that have developed tailored business models and focus on delivering good customer outcomes.
  • Are sustainable and maintain attractive levels of regulatory compliance at all times.
  • Have good growth potential to deliver future earnings and dividends growth. 
  • Enjoy a strong market position, preferably a top‑three market position in each segment of the non‑standard market in order to develop the market in a responsible manner. 
  • Have sustainable management and cultural fit.

2. Acting responsibly and with integrity in all we do

  •  Operating our core business of lending to our customers in a responsible and sustainable manner, putting their needs at the heart of everything we do.
  • Acting responsibly and sustainably in all our stakeholder relationships in order to:
    • Create a working environment that is safe, inclusive and meritocratic;
    • Treat our suppliers fairly; and
    • Support our communities.

3. Maintaining a secure funding and capital structure

  • Maintain borrowing facilities which, together with Vanquis Bank’s retail deposits programme, meet contractual maturities and fund growth over at least the next 12 months.
  • Maintain a CET 1 ratio for the group of 25.5%, being the expected minimum regulatory requirement post the rights issue, together with a suitable level of headroom to ensure ongoing access to funding from the bank and debt capital markets. This broadly equates to funding new receivables at a target gearing ratio of 3.5 times compared with a bank covenant of 5.0 times and is equivalent to maintaining a borrowings to net tangible assets ratio of 2.8 times.
  • Continue to diversify the group’s sources of funding.

4. Generating consistent and sustainable shareholder returns

  •  Deliver sustainable receivables growth of between 5% and 10% per annum, subject to economic conditions and maintaining the group’s minimum returns thresholds.
  • Maintain a dividend cover of at least 1.4 times.

Our KPIs are helpful in assessing progress but are not exhaustive as management also takes account of a wide range of other measures in assessing performance.