UK loan and mortgage news from UK loan broker - More4 Loans.

Bright Finance has gone into liquidation with the loss of about 50 jobs. The Sheffield-based loan and mortgage broker, which specialised in secured loans, was hit by the withdrawal of credit following the financial crisis.

Bright Finance was launched in 2001 by Paul Hancock and Mark Cooke and grew from a small loan brokerage into one of the UK's largest, employing over 200 staff. They grew quickly having forged an affinity relationship with Ocean Finance initially and later establishing themseleves as one of the main providers of Welcome Finance secured loans.

Following the withdrawal of Welcome Finance from the loans market, Bright Finance was forced to make large scale redundancies as they sought other income streams. Ultimately this proved fruitless and with substantial debts accrued which they were unable to service, the company was forced into liquidation. 

Bright Finance was known to have faced some hefty claims for the mis-selling of PPI alongside to their secured loans.