Like virtually every public company that does most of its business on these shores, Provident Financial’s shares folded like a tent after Brexit.
In two days they dropped 26%, losing more than £1bn in value. Chief executive Peter Crook was unperturbed. As was Chris Sweeney, head of Provident’s Vanquis Bank, and corporate affairs chief Nick Boakes. All three bought the cheap shares.
The gambit has paid off nicely. Provident has already roared past its pre-Brexit level, closing on Friday at £31.90. Crook has booked a £200,000 paper profit in less than four months.
Yet, surely, the storm clouds are gathering. Witness what happened to the pound last week after Theresa May declared her intention to trigger article 50 — the start of the official EU