17 Feb 2011

SCF subsidiary up for sale

7:31 am on 17 February 2011

South Canterbury Finance receiver McGrathNicol has put the lender's subsidiary Face Finance on the block.

Face Finance specialises in plant and equipment finance.

South Canterbury Finance had a 75% stake in the firm, which operated on a standalone basis.

McGrathNicol says a potential sale is the best way to get the business out of receivership and provide greater certainty to customers.

The sale process will be handled by Deutsche Bank.

The receivers have yet to announce the sale process for the consumer and commercial lending businesses of South Canterbury Finance, although they expect it will start within two to three months.