By Daniel Hunter

The US owner of payday lender, Money Shop, is consulting on the possibility of closing 200 of its 500 stores in the UK.

Dollar Financial, the US firm that owns Money Shop, said the consultation process will determine how many stores are likely to be closed.

The decision could mean around 350 of its 3,000 employees lose their jobs.

Tighter regulation introduced at the start of the year have squeezed the profits of payday lenders which has led to 40 stores already being closed.

Money Shop said it will try to keep compulsory redundancies to a minimum by trying to find other roles in the company for staff.

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