Manjit Wolstenholme, executive chairman of Moneybarn’s parent Provident Financial, passed away suddenly on Thursday aged 53, Provident has said.

Wolstenholme had taken on the role last August, after chief executive officer Peter Crook resigned over Provident’s financial woes.

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Malcolm Le May, who has stepped in as interim executive chairman from his role as senior independent director, said of Wolstenholme: “It was a great privilege to know her personally and to work alongside her over the last few years. She has shown exceptional leadership in stepping up to the role of Executive Chairman over the last few months.

“Manjit was known and respected for her achievements and championing diversity in British business, and we would like to pay tribute to her contribution to the business landscape.”

Provident Financial owns various divisions in the subprime consumer credit market. These include motor finance lender Moneybarn, credit card provider Vanquis Bank and lenders Provident and Satsuma.

In October, it announced that its Provident and Satsuma businesses were facing a loss of between £80m and £120m, and that no group dividends would be paid out for the year.

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Moneybarn was the only Provident business that reported growth in Q3 2017, with volumes and receivables both growing around 26% year-on-year.

Addressing the problems in the consumer credit division, Wolstenholme said in October: “A recovery plan has been developed and a number of actions have already been implemented to restructure the field organisation in order to provide the foundation for delivering the necessary improvement in customer service and financial performance.”

At the time of writing, shares in Provident Financial were trading at 898p per share, 1% lower than their value before the announcement.