Candy’s CPC snaps up credit company for hard up shoppers
3 June 2013City AM
PROPERTY tycoon Christian Candy, one of London’s best known residential developers, is moving into the high street lending sector after snapping up an in-store credit company.
Candy’s CPC Group has agreed to buy Logical Finance, which works with small businesses to offer instant credit facilities for customers strapped of cash. The business works by offering on the spot loan facilities to punters eager to buy high street goods.
CPC will now roll Logical Finance into its current financial services business, Omni Capital, a provider of short-term loans to property developers and other businesses. Logical Finance will be rebranded as Omni Capital Retail Finance (OCRF).
Candy said in a statement: “As SMEs in the retail sector struggle with the toughest economic conditions for years and a lack of lending from mainstream banks, OCRF is able to offer further sales incentives for their customers through attractive instalment credit facilities which will in turn contribute to increased sales and order values for retailers.”
CPC, which helped put together luxury apartment block One Hyde Park, was set up in 2004 to develop upmarket residential properties around the world.