An Euxton-based finance provider is riding high, as consumer confidence floods back to the retail market.
Consumer Credit Solutions (CCS) works with a panel of key lenders including Barclays Partner Finance, and Ikano Bank to offer a range of finance products for independent retailers through to national companies, including Hammonds, and SafeStyle UK.
Between August 18 and 24, CCS managed the approval of £10,051,029 - the first time it has exceeded £10m in one week in it’s 15 year history.
CCS managing partner Andy Wallace said: “It’s a positive sign, as our industry is known to be a very good barometer for the economy as a whole. We’re dealing with home owners who are looking to improve their properties, and the fact they’re spending money on high value purchases is a good indicator that people have more confidence.”
He added that to achieve those levels between July and August was “unprecedented”.
He said: “The upcoming trading period of September, October and November are traditionally the strongest period of the year across the home improvement sector. So given that business is so buoyant in the summer months that makes us extremely confident for the rest of the year and into 2015.”
Mr Wallace also puts the recent increase in loan approvals down to a change of approach by many of their retail partners.
He added: “We’ve been very successful in persuading retailers to move away from traditional high interest finance, with commission for sales representatives, to ‘soft-sell’ finance – such as buy now pay later and interest free credit.”
The business has set a target of achieving £500 million in loan approvals over the next 12 months.