Partner Article

V12 reaches £1bn of lending to UK consumers

V12 Retail Finance has achieved a significant milestone, since it was acquired by Secure Trust Bank Group in 2013, by successfully lending £1 billion to British consumers as it continues to support the country’s retail market.

Based in Cardiff, V12 is a fast growing UK retail point of sale lender and partners with some of the nation’s best-known retail brands including Sofology, AO.com, Oak Furniture Land and Halfords.

The business has seen a period of rapid growth since its acquisition by Secure Trust Bank Group in 2013, with both lending balances and headcount multiplying nearly tenfold. Annual lending jumped from £30m in 2013 to £396.3m in the 12 months to 31 December 2016, while headcount grew from 28 employees to almost 200 over the same period.

As well as partnering with established brands, V12 works with small, independent retailers in a wide range of sectors from bicycles and musical instruments to electricals and jewellery. It also partners with a number of Premier League football clubs including West Ham United, Tottenham Hotspur and Southampton, providing season ticket finance for fans.

V12 offers an ecommerce solution to retailers, providing finance through an online paperless processing system. It offers loans that are unsecured, fixed rate and fixed term, up to 48 months in duration and with a maximum loan size of £25,000.

Nick Davies, managing director at V12 Retail Finance, said: “We have been delighted with the growth of the V12 business over the past few years, which has been down to the hard work of the team and the quality of our IT platforms. Being part of Secure Trust Bank Group has also provided us with greater access to funding which has given us the ability to invest in our business and expand at a rapid pace.

“Not only is this a huge success for us, we are also proud to be supporting the UK retail market in this way. We now partner with over 2,000 brands and have developed systems that enable their customers to fund their passions. Point of sale retail finance has become a vital part of many retailers’ distribution models, enabling consumers to buy at the time that they really want or need to.”

Paul Lynam, CEO at Secure Trust Bank, said: “V12 has been a core part of our business for a number of years and it has consistently delivered profit growth. The focus for 2017 will be on continued development of our systems and strengthening our services to both retailers and customers as we continue to grow across all our target markets.”

This was posted in Bdaily's Members' News section by Pablo Rodriguez .