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Topshop store card provider primed for sale

Topshop store card provider NewDay has appointed bankers to prepare for a sale or flotation that could value the firm at more than £1bn.

The owner of the finance company, which provides credit cards to retailers including Debenhams, House of Fraser, Laura Ashley, Arcadia Group and Harvey Nichols, has appointed Lazard and UBS to work on a potential deal, according to Sky News.

The firm was acquired by hedge fund Varde Partners in 2011 from Palamon Capital Partners and was relaunched as NewDay last year, after previously being known as SAV Credit.

Sources told Sky News Varde will be keeping an eye on the outcome of the general election, when further pressure is expected to be placed on consumer credit providers as part of the consumer fairness policies of the major political parties.

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