Good evening,

Cash Converters is back in Street Talk’s sights, with the group readying an M&A hunt for struggling payday lenders.

Cash Converters, cashed up and faring reasonably well in its sector, has called in EY to map out the industry and approach targets, in a bid to use the company’s existing operations for a buy-and-build strategy.

It’s the sort of thing we normally see private equity do, however Cash Converters is taking matters into its own hands. The company has a cash-and-debt headroom to move on rivals, and we expect to see some deals in coming months.

Elsewhere, we take a look at the biggest auction in the market, CWP Renewables, where one of the lead contenders, Iberdrola, has called in a second set of bankers.

And we also uncover another potential issue at BWX.

Happy reading,
Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors