The Goldman-Sachs backed lender Neyber will reportedly sell its assets to rival Salary Finance.
Neyber is expected to appoint administrators this week, according to Sky News reports. The consumer finance provider will offload its assets including its blue-chip customer contracts to Salary Finance.
Sky News sources said the deal was almost certain to happen in the coming days and would result in Goldman Sachs becoming a small shareholder in the business. The bank’s current shareholding is reportedly less than five per cent.
Goldman Sachs backed Neyber via one of its private capital funds in 2017. The investment included a small amount of equity and £100m of debt drawn down by the Neyber vehicles that issue loans to consumers.
Last month it was reported that Neyber was in talks with accounting firm BDO about a range of options, including a pre-pack sale.
If completed the takeover will create a lender with more than 500 corporate partners, according to Sky News, including Asda, BT, the Co-operative Group, Dixons Carphone and Virgin Active.
Salary Finance offers “financial wellness” programmes including loans and financial education,
Salary Finance may end up paying just a six-figure sum for Neyber’s assets, according to Sky News sources.
Goldman Sachs, Salary Finance and BDO declined to comment. Neyber could not be contacted for comment.