Trading name Ocean Industry Financial services Area served United Kingdom Founder Paul Newey | Type Privately owned Headquarters Manchester, England Owner Think Money Group Founded 1991 | |
Ocean finance swimming pool 60 tv commercial
Ocean Finance is a loans and mortgages business set up in 1991 in Staffordshire, United Kingdom. It became infamous in the late 1990s and early 2000s for its advertising, including sponsoring its own channel on Sky TV and its advertising became widely parodied. The firm prospered on the back of rising house prices and the credit boom. By 2002 the firm was a leading player in the UK's secured loan market valued at over £14bn.
Contents
The firm was bought by US insurance company American International Group (AIG) in 2006 for over £200m. Paul Newey stepped down as chief executive in 2009.
Ocean Finance was the shirt sponsor of Tamworth F.C. from 2004 - 2009. In 2008, it launched the UK's first TV channel dedicated to promoting loans and mortgages.
Like many other mortgage businesses it struggled after the 2008 global credit crunch. The Ocean Finance brand was acquired by Think Money Group in 2012. In 2014 the company launched the Ocean Credit Card in conjunction with Capital One.
Criticisms
In 2004, the firm was criticized by some for its focus on offering second charge (secured) loans, to sub prime customers, often used for debt consolidation.