Ocean Finance is a loans, credit card and mortgages business set up in 1991 in Staffordshire, United Kingdom.
| Ocean | |
| Company type | Privately owned |
| Industry | Financial services |
| Founded | 1991 |
| Founder | Paul Newey |
| Headquarters | , |
Area served | United Kingdom |
| Products | Credit cards, loans, mortgages, car finance |
| Owner | Intelligent Lending Limited |
| Website | www |
History
editIt became known in the late 1990s and early 2000s for its advertising, including sponsoring its own channel on Sky TV[1] and its advertising became widely parodied.[2] The firm prospered on the back of rising house prices and the credit boom. By 2002 the firm was a leading player in the UK's secured loan market valued at over £14bn.[3]
The firm was bought by US insurance company American International Group (AIG) in 2006 for over £200m.[4][5] Paul Newey stepped down as chief executive in 2009.[6]
Ocean Finance was the shirt sponsor of Tamworth F.C. from 2004 - 2009.[7] In 2008, it launched the UK's first TV channel dedicated to promoting loans and mortgages.[8]
Like many other mortgage businesses it struggled after the 2008 global credit crunch. The Ocean Finance brand was acquired[9] by Think Money Group in 2012. In 2014 the company launched the Ocean Credit Card in conjunction with Capital One.[10]
Criticisms
editIn 2004, the firm was criticized by some for its focus on offering second charge (secured) loans, to sub prime customers, often used for debt consolidation.[11]
References
edit- ^ "Ocean Finance launches dedicated TV channel". Brand Republic. Retrieved 2015-10-15.
- ^ "A Look Back At The 00s: 'Glo-fi' And The Sadness Of The Advertised Man". The Quietus. 11 December 2009. Retrieved 10 March 2016.
- ^ Jones, Rupert (17 February 2003). "Secured lending rises 37% in a year". theguardian.com. Retrieved 10 March 2016.
- ^ "AIG buys UK lender Ocean Finance". BBC News Online. 2006-11-17. Retrieved 2015-10-15.
- ^ "Newey's gamble on Ocean pays off". The Daily Telegraph. 18 November 2006. Retrieved 2015-11-03.
- ^ "Rich List 2013: No.28 - Paul Newey (£230m)". Birmingham Post. 28 January 2013. Retrieved 2015-11-03.
- ^ "Lambs-Ocean link continues". Tamworth F.C. Retrieved 10 March 2016.
- ^ "Ocean Finance launches 'Loan TV'". Broadcast magazine. Retrieved 18 March 2016.
- ^ "EXCLUSIVE: Think Money buys Ocean Finance". Mortgage Introducer. Retrieved 2015-10-15.
- ^ "Product launches of the week". Your Money. Retrieved 2015-10-15.
- ^ Ringshaw, Grant (3 October 2004). "Pioneer of controversial loans to net £250m from Ocean Finance sale". The Daily Telegraph. Retrieved 18 March 2016.