Deal sees bridging lender enter retail finance market
3 June 2013Credit Today
Bridging lender Omni Capital is set to expand into the retail finance sector after an acquisition by its parent company.
CPC Group, which owns Omni Capital, has acquired Logical Finance, a provider of point-of-sale credit facilities to independent and niche retailers.
Following the deal, Watford-based Logical Finance will be rebranded and will trade as Omni Capital Retail Finance (OCRF).
According to the group, OCRF will operate as a separate CPC Group business with its own management team, staff and IT platform but will share group infrastructure services with the property-focused Omni Capital business.
The group confirmed that Omni Capital’s bridging business will remain unaffected by the acquisition, as will its in-house funding arrangements, team structure and distribution policies.
Colin Sanders, who has been named chief executive for both Omni Capital brands, said that it has been the group’s intention to expand into new financial services sectors.
He added: “While an exciting next step in our planned expansion, I want to assure our loyal brokers and distributors that the acquisition in no way alters Omni Capital’s commitment to short-term lending.
“It is this sector in which we have made our reputation and it remains our bedrock. Accordingly, it will continue to receive our full attention and significant future investment.”
Michael Bevan has been appointed managing director of OCRF and will be responsible for the management of the business and its seven employees.