I think things have changed - COG is a broker and has...

I think things have changed - COG is a broker and has accumulated a large network but no longer appears to want to have skin in a loan book. Earlypay had a growing presence in equipment finance but a few months ago abruptly withdrew, retrenched a lot of staff, then said that it would only lend for equipment and vehicles to customers of its debtor funding business, which is where it is concentrated. That business is in a very competitive and increasingly risky space as the economy contracts, and I think there is going to be a shake up at the smaller end of the finance providers world - many expanded rapidly as the bigger organisations reduced their retail exposure, which is very costly -either having staff or the IT interface costs a fortune, added to the escalating cost of financing a loan book. Debtor finance and factoring is a step away from COG's core business activities in equipment and finance broking, which I think would make COG's appetite to become deeply involved at this time unlikely