Provident Financial in race to fix technical problems and retain staff

As lender’s debt collectors threaten to join rivals, company’s financial adviser writes down value of home credit business to zero

The troubled doorstep lender Provident Financial is racing to fix its technical problems in time to stop staff leaving for rival firms, taking its most lucrative customers with them.

Concerns of an exodus came as the company’s lead financial adviser, JP Morgan, wrote down its estimated value of Provident’s home credit business to nothing.

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