Vanquis Bank has become the latest financial firm to join the “northshoring” trend.
The London-headquartered business, a subsidiary of Provident Financial Group, has launched a 45,000 sq ft office search in north-west England.
The new offices will provide space for the firm’s rapidly expanding tech and online teams.
Last month, Provident announced an increase in group revenue from £533.8m to £555.3m, driven by expansion in the Vanquis business, which accounted for nearly 80% of group pretax profits.
Colliers International has carried out initial feasibility studies on behalf of Vanquis, but has not yet been formally appointed to advise on the requirement.
Vanquis, which is one of the new breed of challenger banks, was established in 2002 and issues credit cards under the Visa brand to those less able to borrow from mainstream banks.
Its head office is at 12 Arthur Street, EC4, and it also operates call centres in Kent and Bradford.
The firm is the latest in a string of firms traditionally based in London which have opened offices in the North West, where staff and office costs are cheaper.
Others include agricultural research firm Syngenta, Ford Credit and magic circle law firm Freshfields Bruckhaus Deringer.
