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Just Group Plc (LON: JUST) to terminate U.S. operations following weak Q1 sales

  • Just Group Plc (LON: JUST) today announced that it would exit the U.S. market following dwindling sales in Q1.
  • The pension provider will shut-down its loss-making U.S. business in order to cut costs ahead of tough U.K. regulations.

The U.K. pension provider is struggling to meet tough capital requirements for lifetime mortgages set by Britain’s Prudential Regulation Authority as the rules come into effect later in the year.

The company raised £375 million ($481.46 million) in March through a special stock issue and cancelled its 2018 dividend in efforts to meet the higher capital requirements.