NewDay Ltd, formerly SAV Credit, is a

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

company specialising in providing

credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...

products to consumers in the United Kingdom.

History

The company was established in 2000. On 13 May 2013 the company completed the purchase of

Santander UK Santander UK plc (, ) is a British bank, wholly owned by Banco Santander, a Spanish bank. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance. Santander UK is one of th ...

's store card business, including branded cards issued for retailers including

Topshop TOPSHOP (originally Top Shop) is a British online fast-fashion retailer, which specialises in women's clothing, shoes and accessories. It is majority owned by Danish company, Bestseller. In 2024, ASOS sold 75% of Topshop and Topman to Bests ...

Dorothy Perkins Dorothy Perkins is a British online women's fashion retailer operated by Debenhams Group in the United Kingdom. Formerly a store chain, it sold both its own range of clothes and branded fashion goods until February 2021, when it became part o ...

House of Fraser House of Fraser (rebranding to Frasers) is a British department store chain with 23 locations across the United Kingdom and 2 in Ireland, part of Frasers Group. It was established in Glasgow, Scotland, in 1849 as Arthur and Fraser. By 1891, it ...

and

Debenhams Debenhams plc was a British department store chain that operated in the United Kingdom, Ireland and Denmark, as well as franchised locations across Europe and the Asia Pacific. The company was founded in 1778 as a single store in London and gr ...

. Santander continued to operate the cards business until 1 April 2014, when SAV took full control and was renamed NewDay. In March 2015, it was rumoured that NewDay was for sale, valuing the company at around $1.49 billion. In March 2019, John Hourican was named CEO of NewDay, succeeding James Corcoran to the position. It was announced in May 2022 that

John Lewis Partnership John Lewis Partnership plc (JLP) is a British company that operates John Lewis & Partners department stores, Waitrose supermarkets, financial services and a build to rent operation. The public limited company is owned by a trust on behalf o ...

's white-label agreement with

HSBC UK HSBC UK Bank plc is a British multinational banking and financial services organisation based in Birmingham, England. It is a wholly owned subsidiary of the global HSBC banking and financial group, which has been headquartered in London since ...

would end later that year, with new and existing Partnership Card accounts migrated to a reshaped service run by NewDay.

Structure

NewDay is organised into two limited companies: NewDay Technology Ltd and NewDay Cards Ltd. Both are authorised and regulated by the

Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financi ...

, and subscribe to the Lending Code.

Investors

Private equity Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...

firms

Cinven Cinven Limited is a global private equity firm founded in 1977, with offices in nine international locations in Guernsey, London, New York, Paris, Frankfurt, Milan, Luxembourg, Madrid, and Hong Kong that acquires Europe and United States–bas ...

and

CVC Capital Partners CVC Capital Partners plc is a Jersey-based private equity and investment advisory firm with approximately €186 billion of assets under management and approximately €157 billion in secured commitments since inception across American, European, ...

are investors, both having representatives on its board of directors.

References

British companies established in 2000 Financial services companies established in 2000 Financial services companies of the United Kingdom 2000 establishments in the United Kingdom Companies established in 2000 CVC Capital Partners companies {{Finance-stub