Ocean Finance

Ocean Finance is a loans, credit card and mortgages business set up in 1991 in Staffordshire, United Kingdom.

Ocean Finance
Ocean
TypePrivately owned
IndustryFinancial services
Founded1991
FounderPaul Newey
Headquarters
Manchester
,
England
Area served
United Kingdom
ProductsCredit cards, loans, mortgages, car finance
OwnerIntelligent Lending Limited
Websitewww.oceanfinance.co.uk

History

It 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

In 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
  1. "Ocean Finance launches dedicated TV channel". Brand Republic. Retrieved 2015-10-15.
  2. "A Look Back At The 00s: 'Glo-fi' And The Sadness Of The Advertised Man". The Quietus. Retrieved 10 March 2016.
  3. "Secured lending rises 37% in a year". theguardian.com. Retrieved 10 March 2016.
  4. "AIG buys UK lender Ocean Finance". BBC News Online. 2006-11-17. Retrieved 2015-10-15.
  5. "Newey's gamble on Ocean pays off". The Daily Telegraph. Retrieved 2015-11-03.
  6. "Rich List 2013: No.28 - Paul Newey (£230m)". Birmingham Post. Retrieved 2015-11-03.
  7. "Lambs-Ocean link continues". Tamworth F.C. Retrieved 10 March 2016.
  8. "Ocean Finance launches 'Loan TV'". Broadcast magazine. Retrieved 18 March 2016.
  9. "EXCLUSIVE: Think Money buys Ocean Finance". Mortgage Introducer. Retrieved 2015-10-15.
  10. "Product launches of the week". Your Money. Retrieved 2015-10-15.
  11. Ringshaw, Grant. "Pioneer of controversial loans to net £250m from Ocean Finance sale". The Daily Telegraph. Retrieved 18 March 2016.
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