June 9, 2014
For Immediate Release
Record-breaking year for consumer finance – CCS report loan approvals up by £73m
Consumer Credit Solutions (CCS) has reported a record-breaking year for unsecured finance in the home improvement and renewable energy sectors. Last year CCS approved loans worth over £325m in 2013 up from £252m in 2012.
This year shows no sign of slowing down, with £182m in approvals from January to May 2014. The business is on target to achieve £425m by the end of the year, up 134 per cent on 2013.
Andy Wallace, Managing Partner at CCS, says the figures reflect steady growth by glass and glazing, and kitchen and bathroom installers at the start of the year, as well as an unprecedented demand for finance from the Solar PV industry.
Mr Wallace said: “More and more retailers are recognising how important it is to be able to offer customers a range of payment options. Finance is a very effective ‘soft sell’ marketing tool and it brings in customers who would otherwise could not afford to buy. Clients from across all sectors have told us that offering credit has been a major factor increasing sales and market share.
“With the exception of one year, in 15 years of trading we’ve consistently met or exceeded loan approval targets and in 2015 we expect to surpass £500m.”
# ENDS #
Notes for the Editor
About Consumer Credit Solutions
Consumer Credit Solutions LLP was founded in 1999 by partners Andy Wallace and Peter Nicholson, and is the UK’s largest independent provider of point-of-sale credit to the home improvement and renewables sectors. CCS offers a wide range of finance products in partnership with leading ‘blue-chip’ lenders.
The business has a wide customer base ranging from independent retailers through to national companies, including: Hammonds, SafeStyle UK, Betta Living, Solarking, and Jacuzzi.
As part of its credit management service, the CCS team delivers business advice and training in sales and credit application completion. Last year CCS helped its clients achieve over £325 million in finance approvals.