Ocean Finance
From Wikipedia, the free encyclopedia
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
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 financial crisis. 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]