Home Market Former BT chair to chair credit company NewDay raising possibility of float

Former BT chair to chair credit company NewDay raising possibility of float

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Former BT chair Sir Mike Rake is set to be appointed as chair of store card company NewDay tomorrow, raising the possibility that its private equity owners are considering a stockmarket flotation.

Rake, who was chair of BT until last year, is a former deputy chair of Barclays and former president of the Confederation of British Industry.

The appointment of such a high-profile figure raises the possibility that NewDays private equity owners are considering an initial public offering (IPO).

Read more: Store card maker NewDay in private equity sale after dropping IPO plans

NewDay offers co-branded credit cards in conjunction with retailers such as Debenhams, House of Fraser, Laura Ashley and Topshop-owner Arcadia.

It also provides credit to customers who are new to credit or trying to re-build their credit ratings.

NewDay is owned by private equity groups Cinven and CVC Capital Partners which acquired it from Varde Partners early last year.

Sky News first reported that Rake was set to be announced as chair tomorrow, replacing Sir Malcolm Williamson who will remain on the board as a non-executive director.

NewDay declined to comment.

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