NewDay, formerly SAV Credit, is a

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

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 the Spanish Santander Group. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance. Santander UK is one of the le ...

store card Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated bank accounts, or through a credit account and m ...

business, including branded cards issued for retailers including

Topshop TOPSHOP (originally Top Shop) is a British fashion brand for women's clothing, shoes and accessories. It was part of the Arcadia Group, controlled by Sir Philip Green, but went into administration in late 2020 before being purchased by ASOS (r ...

Dorothy Perkins Dorothy Perkins is an online British women's fashion brand based 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 of Boohoo.com, having been ...

House of Fraser House of Fraser (also operating as Frasers) is a British department store group with 44 locations across the United Kingdom, which is now part of Frasers Group. It was established in Glasgow, Scotland in 1849 as Arthur and Fraser. By 1891, it w ...

and

Debenhams Debenhams plc was a British department store chain operating in the United Kingdom, Denmark and the Republic of Ireland. It was founded in 1778 as a single store in London and grew to 178 locations across those countries, also owning the Danish ...

. 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 John Patrick Hourican (born 24 July 1970) is an Irish banker and businessman, CEO of NewDay since September 2019, and formerly CEO of the Bank of Cyprus from 2013 to 2019. Early life and education Hourican was born on 24 July 1970 in Dublin, a ...

was named CEO of NewDay, succeeding James Corcoran to the position. It was announced in May 2022 that

John Lewis Partnership The John Lewis Partnership plc (JLP) is a British company which operates John Lewis & Partners department stores, Waitrose & Partners supermarkets, its banking and financial services, and other retail-related activities. The privately-held publ ...

's white-label agreement with HSBC UK 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 Ltd and NewDay Cards Ltd. Both are authorised and regulated by the

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

, and subscribe to the

Lending Code The Standards of Lending Practice (previously the Lending Code) are voluntary and set the benchmark for good lending practice in the United Kingdom, outlining the way registered firms are expected to deal with their customers throughout the entire ...

Investors

Private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...

firms

Cinven Cinven 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 based corporat ...

and

CVC Capital Partners CVC Capital Partners is a Luxembourg-based French private equity and investment advisory firm with approximately US$133 billion of assets under management and approximately €157 billion in secured commitments since inception across American, E ...

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 {{Finance-stub