Hitachi Capital Consumer Finance announces record growth

New business wins and consumer demand lead to record lending

Hitachi Capital Consumer Finance, the UK's leading finance provider of point of sale (POS) credit solutions, today announced a record year for new business, reporting an impressive 53 per cent growth in volume of business for 2009/2010 and is on course to write over £1 billion of new business in the current year.  

The surge in volume is driven by Hitachi Capital Consumer Finance boosting its retail client portfolio, including new agreements with a string of leading brands such as Wickes, Centrica, Best Buy and Furniture Village.

Hitachi Capital’s existing 1,200 retailers including Goldsmiths and DFS increasingly looked to customer credit incentive options, such as interest free credit, to boost sales during the downturn as consumers sought cost effective alternatives to loans and credit cards.

June 2010 also signalled a record month for Hitachi Capital Consumer Finance, as its volume of business reached £81 million.

Gerald Grimes, divisional managing director for Hitachi Capital Consumer Finance, said: “Retail recovery will become a reality only when we deliver innovative point of sale finance solutions. As other consumer credit options have been restricted during the past 12 months, we have filled the gap and become the number one consumer finance provider in the UK market.

“Our record growth demonstrates how we are using our 28 years of retail experience to provide strong point of sale credit offers. Shoppers get the opportunity to spread the cost, making big ticket purchases possible and much easier to manage.”

Hitachi Capital Consumer Finance has links with over 1,200 retailers across the UK and places great emphasis on the proactive and profitable support it provides to aid clients in retailing their goods and services both online and in store.

With interest free accounting for three quarters of Hitachi Capital Consumer Finance agreements, point of sale finance is a great opportunity for consumers to gain credit quickly and simply without trying to secure a loan or release the equity in their home.

The record growth comes as latest figures from the Finance and Leasing Association (FLA) show that spending in March on loans, store cards and credit cards was down by 33%, 20% and 3% respectively compared with a year ago.

For more information contact: Daniel Hobson Hitachi Capital (UK) PLC t: 0113 380 1030 m: 07917 264079 e: daniel.hobson@hitachicapital.co.uk