The UK finance provider of POS credit solutions to retailers has announced January was a record month for the business reporting almost £100 million of lending. The company claims it is on track to writing £1 billion of new business by the end of the year. (view press release)
The results for the month are the best in Hitachi Capital’s 30 year history and are put down to the company boosting its retail client portfolio. New business came from B&Q and business was expanded with existing partners such as Wickes, Centrica and Furniture Village. The home improvement and leisure sectors saw the biggest boom as POS options to spread the cost of purchase enticed consumers into buying. The company’s PaybyFinance online system also flourished, with 45% increased business compared to last year.
Hitachi Capital claims the 1,200 retailers it currently deals with are increasingly looking to customer credit incentives, such as interest free credit, to boost sales. Gerald Grimes, MD of Hitachi Capital Consumer Finance says “it’s not all doom and gloom on the high street, we see the trend for increased POS set to continue in the second half of the year as consumers increasingly look to secure deals both instore and online.”
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