LOANS firm Provident Financial has announced the sudden death of its executive chairman at the age of 53.

Manjit Wolstenholme had taken over the running of the Bradford-based firm since her predecessor Peter Crook stepped down in August after it had to issue a series of profit warnings.

In a statement, the company said: "It is with profound sadness that the Board of Provident Financial plc shares the news that executive chairman Manjit Wolstenholme has passed away suddenly on November 23, 2017."

Paying tribute to her, Malcolm Le May, the company's senior independent director said: “We are deeply shocked and saddened.

"The thoughts of everyone at Provident are with Manjit's family and friends, and we extend our deepest sympathies to them.

“It was a great privilege to know her personally and to work alongside her over the last few years.

"She has shown exceptional leadership in stepping up to the role of executive chairman over the last few months.

"Manjit was known and respected for her achievements and championing diversity in British business, and we would like to pay tribute to her contribution to the business landscape.”

The Board has appointed Mr Le May as interim executive chairman, with immediate effect.

Ms Wolstenholme was previously a non-executive director of Aviva Investors, a partner at financial consultant Gleacher Shacklock and the co-head of investment banking at Dresdner Kleinwort Wasserstein.

Future chairman Peter Allen said: "We are all shocked by this tragic news and our thoughts are very much with Manjit's family at this deeply distressing time.

"Manjit has been a tower of strength and support to me and my colleagues, both personally and professionally, for many years."

Phil White, Unite chairman, said: "This is terribly sad news and our sympathies are withManjit's family at this difficult time.

"It was a pleasure working alongside Manjit over the last seven years, and she will be very much missed."

Responding to the announcement, Cala Group said: "She had chaired our business with dedication and professionalism since November 2015.

"Our thoughts and heartfelt sympathies are with her family and loved ones during this terrible time."

Mike Cartwright, policy and representation executive at the West and North Yorkshire Chamber of Commerce, said: "It’s very sad and shocking to lose someone so suddenly like this, especially at such a relatively young age. 

"Our thoughts go out to her family and colleagues at Provident Financial. The company is going through a difficult time at present and will no doubt be further rocked by this sudden set-back. 

"We hope that they will be able to steady the ship soon and move on to brighter things."

Kersten England, chief executive of Bradford Council, said on Twitter that the authority was "very shocked to hear the awful news of Manjit's untimely death," adding that it sent condolences to her family and the Provident community. 

Mark Garratt, of the University of Bradford, added: "Tragic news and all @UniofBradford send our condolences to Manjit's family and colleagues at PFG."

A Provident spokesman said the firm would not be making any further statements about the circumstances surrounding Ms Wolstenholme's death yesterday, but did say she leaves behind a husband and two children, a son and daughter. 

Provident Financial revealed last month that it would book heavy losses at its consumer credit business this year, but claimed that it is making progress with a turnaround plan.

As part of efforts to shore up the business, Provident started a new home credit model in July with the aim of moving from self-employed door-to-door agents to full-time "customer experience managers".

Shares in Provident, which has about 2.5 million customers, were marginally lower in morning trading on the London Stock Exchange.