Vivus moves from Thornaby, near Stockton, to London

The Northern Echo: Payday lender Vivus is leaving the North-East Payday lender Vivus is leaving the North-East

A PAYDAY loan firm will leave the North-East today (Saturday, December 7), costing 30 jobs.

Latvian firm 4finance Limited, which trades as Vivus, is moving its UK headquarters from Thornaby, near Stockton, to London.

The move comes just months after bosses unveiled plans to create more than 100 North-East jobs.

The Northern Echo revealed last month the firm was planning to leaving the region, and it is understood a number of workers have already found new posts.

The company is believed to be moving to London in an attempt to strengthen its senior management team.

It is understood Vivus has told staff they can keep their jobs if they move to the capital.

A source also revealed the firm believes moving to the capital will make it easier for its Latvian-based executives to commute to the UK, after struggling with direct flights through North-East airports.

One worker, who asked to remain anonymous, said staff felt betrayed.

The worker said: “A huge emphasis was made on targeting the North-East, and the company has benefited from that.

“But it is now dumping all of its employees and moving to the wealthy South.”

The North-East is known for attracting payday lenders, with a report from debt charity Step Change saying 21 per cent of its clients in the area had loans, owing about £1,600 each.

4finance operates a fee-free nought per cent loan for new customers, but thereafter introduces stiffer charges, with anyone borrowing £700 having to repay £875 at 1,410 per cent APR.

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