DIRECTORS at Yes Loans have hit back at the decision to revoke its licence, saying they are "disappointed and saddened."

Following the Office of Fair Trading's announcement, the directors at the Cwmbran-based business issued its statement.

It said: "We are very disappointed and saddened by the Office of Fair Trading's decision to revoke the Consumer Credit Licences of Yes Loans Ltd, Blue Sky Personal Finance Ltd and Money Worries Ltd.

"We have all worked tirelessly to implement significant and fundamental advances to the business. We are disappointed that, despite recognising this, the OFT has decided to revoke the licences of three long-standing businesses, which provide a loans brokerage service and other personal financial services to many thousands of satisfied customers.

"We are currently taking advice with regard to lodging an appeal against the decision. No jobs are at risk within the companies concerned, regardless of the outcome of any appeal.

"Currently, and throughout any appeals process, our licences remain valid and allow us to continue trade."