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Date:17 February 2012

Hitachi Capital Consumer Finance Announces Record Month

New business wins and consumer demand lead to record lending

Hitachi Capital Consumer Finance, the UK's number one finance provider of point of sale (POS) credit solutions, today announced a record month in January, reporting almost £100 million of lending and is well on its way to write £1 billion of new business to support the retail sector in 2012.

The performance, the best in the company’s 30 year history, saw a surge in volume driven by Hitachi Capital Consumer Finance boosting its retail client portfolio, the most recent being national retailer B&Q and increased business with existing leading brands such as Wickes, Centrica and Furniture Village. The home improvement and leisure sector in particular has seen a boom, as POS options entice consumers to spread the cost of their home and leisure items.

Gerald Grimes, managing director for Hitachi Capital Consumer Finance, commented: “Our record month figures provide a real tangible sign of hope for the retail sector to celebrate, as increasingly we are seeing savvy consumers take advantage of value offers and use finance to secure previously deferred home makeovers in an ‘improve not move’ trend.

“Retailers are increasingly working with us to develop and deliver attractive and innovative point of sale credit options, with the aim of maximising sales to credit worthy consumers by spreading the cost of purchases, particularly for big ticket items such as furniture, kitchens and bathrooms.

“With a summer of celebration coming up with Jubilee, Euro 2012 and of course, the Olympics, the Great British summer ahead of us offers the retail sector a great platform to drive sales. It is not all doom and gloom on the high street, as we see this trend for increased POS set to continue in the second half of the year as consumers increasingly look to secure deals both in store and online. We have really seen the explosion of online this year, as our PaybyFinance online system saw an increase of 45 per cent business this year compared to last year.”

Hitachi Capital’s existing 1,200 retailers, from national retailers such as Beaverbrooks to bespoke online retailer PC specialist, are increasingly looking to customer credit incentive options, such as interest free credit, to boost sales during the key January sales period as consumers sought interest free alternatives to loans and credit cards.


Notes to editor
Founded in 1982 Hitachi Capital Consumer Finance is the leader in providing innovative in store and web-based point of sale finance solutions to the UK retail sector. Hitachi Capital Consumer Finance is part of Hitachi Capital UK (PLC), which in turn is part of Hitachi Ltd, one of the most respected companies trading in the world today. Additional information about Hitachi Capital Consumer Finance is available at: www.hitachicapital.co.uk

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 in store and online through services such as e-signature and PaybyFinance e-commerce platform which links seamlessly with clients’ websites.

FOR FURTHER INFORMATION:
Please contact Tom Hemingway or Charlotte Morello at Hatch Communications on 01943 855630 or email tomhemingway@hatchpr.co.uk  /  charlottemorello@hatchpr.co.uk