CPC Group expands into in-store retail credit
3 June 2013The Guardian
LONDON (Reuters) – Privately-owned British property developer CPC Group has acquired Logical Finance, a company that provides in-store loans to customers at small- to medium- sized retail businesses.
Logical Finance, which will now trade as Omni Capital Retail Finance, will offer loans to customers at shop check-outs based on a credit score at cheaper rates than high street banks.
The extra funds will be welcomed by Britain’s struggling high street retailers, who have seen footfall decline as shoppers switch to buying online.
CPC Group founder Christian Candy said that there was a lack of lending from mainstream banks, and that new credit would act as an extra incentive for customers and help increase sales for retailers. He described the acquisition as a “significant step” towards the expansion into new financial service sectors of its Omni Capital brand, which specialises in short-term, property-backed loans.