has stopped providing consumer hire purchase through
intermediaries.
Welcome, part of Cattles plc, announced that, following a review
of distribution channels and its product portfolio, it has made a
“business as usual strategic decision” to stop working through
third-party dealerships and brokers, “in common with many lenders
in the mortgage market, to maximise profitability whilst looking to
grow the business in Welcome Car Finance.”
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The hire purchase provider will concentrate on its own chain of
Welcome Car Finance retail outlets, it said.
In its latest set of full-year accounts, the new chief executive
of Cattles, David Postings, said that the lender would “remain
committed to meeting the needs of customers, as evidenced by
continuing investment in our branch network, systems and people” –
while other finance providers “withdraw from these markets”.
Pre-tax profits at Cattles for full-year 2007 rose to £165.2m,
up by 24 per cent on 2006. The Welcome Car Finance division grew
income by 75.8 per cent year on year to £106.1m, with unit sales up
53 per cent to 13,763 vehicles.
Motor Finance Issue: 42 – April 08
Published for the web: April 29 08 12:13
Last Updated: April 29 08 16:27
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