Building a better world

We are a global financial services company playing a vital role in the lives of millions by providing unsecured, affordable credit and great value insurance products, in a responsible way.

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A people business

The IPF Group is a people business with over 21,000 colleagues supporting over 1.7 million customers across 9 different markets. Regardless of location, we aim to attract, inspire, and engage a talented workforce which flourishes and is proud to work for us.

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Our culture & values

We are a people business, understand the culture and values which underpins our workforce.

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Creating social value

We are a purpose led organisation that strives to be an uncompromising force for good in the markets in which we operate, while maximising value for customers and investors.

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Sustainability report 2024 

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Debt investors

We maintain a diversified debt funding structure, with a mix of bond and bank facilities and a balanced maturity profile. We access debt capital markets regularly and our bank facilities have a good strategic and geographic fit with our business. We also aim to maintain a prudent level of headroom in cash and on undrawn bank facilities to cover forecast borrowings.

  • We balance the interests of both our equity and debt stakeholders.
  • We target an equity-to-receivables ratio of 40%.
  • We manage liquidity requirements by maintaining prudent headroom over forecast borrowings.
  • We ensure that our debt maturity profile is materially longer than our receivables maturity profile.
  • We fund our operating businesses in the currency of the market where each one operates.
  • We actively manage interest rate and currency risks.
  • We ensure access to multiple funding sources – we have three distinct bond markets and a mix of international and local banks funding our operating businesses.

Total debt facilities

At 31 December 2024, we had £657m of debt facilities in place

  2024 (£m) 2025 (£m) 2026 (£m) 2027 (£m) 2028 (£m) 2029 (£m) Total (£m)
Bonds              
Euro   55.2       282.2 337.4
Polish     14.0       14.0
Czech              
Swedish              
Retail       80.0     80.0
Hungarian     9.6       9.6
Total Bonds   55.2 23.6 80.0   282.2 441.0
               
Term Loans   23.6 14.1 20.6     58.3
Revolving Credit Facilities   56.3 41.2 24.9     122.4
On Demand Facilities   35.2         35.2
Total Bank Facilities   115.1 55.3 45.5     215.9
               
Total Facilities   170.3 78.9 125.5   282.2 656.9
  0% 26% 12% 19% 0% 43% 100%

Details of all our bonds are provided in the table below: 

Description ISIN Start date Maturity date Issued amount Coupon class Coupon Listing Rating
EUR EMTN 2029 XS2835773255 14-Jun-24 14-Dec-29 EUR 341,000,000 Fixed 10.75% London Fitch BB, Moody’s Ba3
GBP EMTN retail 2027 XS2551486058 12-Dec-22 12-Dec-27 GBP 80,000,000 Fixed 12.0% London Fitch BB, Moody's Ba3
PLN EMTN 2026 XS2707609538 03-Nov-23 03-Nov-26 PLN 72,000,000 Floating 8.50% + 6m WIBOR (0% floor) Ireland No
EUR EMTN 2026 XS2733606540 18-Dec-23 18-Dec-26 EUR 11,600,000 Fixed 11.50% Ireland No

Date Info Link
12 June 2024 Final Terms View document (PDF)
6 June 2024 EMTN Update Prospectus View document (PDF)
6 June 2024 Trust Deed View document (PDF)
27 November 2023 Amended and Restated Exchange Offer Final Terms View document (PDF)
27 November 2023 Amended and Restated Cash Offer Final Terms View document (PDF)
2 November 2023 Exchange Offer Memorandum View document (PDF)
24 August 2023 EMTN Update Prospectus View document (PDF)
24 August 2023 Trust Deed View document (PDF)
15 November 2022 Exchange offer memorandum and prospectus View document (PDF)
4 November 2022 Supplementary prospectus as approved for the purposes of the UK Prospectus Regulation View document (PDF)
25 August 2022 €1,000,000,000 Euro Medium Term Note Programme prospectus View document (PDF)
25 August 2022 Trust Deed View document (PDF) 
12 November 2020 Agency Agreement View document (PDF) 
10 November 2020 Drawdown Prospectus View document (PDF) 
13 March 2020 Base Prospectus View document (PDF) 

Credit rating Long-term Outlook Current report
Fitch BB Stable Fitch report 18/6/2024
Moody Ba3 Stable Moody's report 26/04/2024

Our treasury policies address the key treasury risks that the business faces. The policies are designed to provide robust risk management, even in more volatile financial markets and economic conditions within our planning horizon. In addition to these policies, our operational procedures and controls ensure that funds are available in the right currency at the right time to serve our customers throughout the Group.

Funding policy

  • Ensure a resilient funding position for existing business and future growth to be maintained. 
  • Maintain a prudent level of headroom on undrawn bank facilities. 

Currency policy 

  • Ensure funding of receivables portfolios with local currency borrowings (directly or indirectly) to achieve a high level of balance sheet hedging. 
  • We do not hedge the translational risk of foreign currency movements on accounting profits and losses. 

Interest rate policy

  • Significant portion of financial liabilities at fixed interest rates.

Counterparty policy 

  • Requires material exposures to financial counterparties to be limited to BBB-rated entities as a minimum.

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