Nikko into credit

NIKKO Europe, a leading Japanese-owned investment bank, has entered the market for consumer finance in the UK by buying British Credit Trust Holdings, a motor finance company, for an undisclosed sum. British Credit Trust financed the country's first black taxicabs as early as 1908. Nikko had already spent pounds 255m since April buying RoadChef, Blue Boar and Take A Break, the motorway service specialists.

Roger Gewolb, who as chief executive has an 80 per cent stake, will continue in his post. He said BCT would target 8.7 million adults unable to get credit.