Alan Tutte: local business officerBroker-cum-lessor Ignition Credit increased its
lending activities by more than a third in the year to July

Cornwall-based Ignition Credit is
an oddity in the motor finance market. Formed in 2004 as part of
the Sterling Capital Group, it managed to remain bullish in the
face of tough economic conditions.

Managing director Alan Tutte said:
“Our local business offering is really something that’s helped us

“We have kept our customers and
looked after them in the downturn when the banks and other
mainstream lenders ran for the hills. We made some good lending
calls and that’s a significant factor of our business today.”

The company is able to write
significant volumes of business with the local tourism and catering
trade, which is well established in Cornwall.

“There are good hotels and leisure
businesses, run by well respected families. Because we know them
and because we’re local, we’re able to capitalise on those links,”
Tutte said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Ignition Credit brokers 80% of its
business, while the remainder is written on its own loan book,
totalling about £3m. “We want to appoint key brokers and we want to
grow into the Midlands,” Tutte said.

“The next phase is around our own
book. We want to double the size of our loan book in the next two

Ignition Credit is heavily focused on motor financing, although
it also funds other assets, with lending volumes of about £18m. Its
pre-tax profit is predicted to hit £525,000 at the end of the
financial year.