Member Article

Manchester-based RentSmart Ltd to expand following £10 million Santander funding

Manchester-based provider of consumer and SME lease finance, RentSmart Ltd is to expand following £10 million Santander funding.

The firm is behind Dixon’s Upgrade Anytime and SmartPlan service and offers products that bridge the gap between a credit card and a bank loan.

Its contract with Dixons has been extended to 2017 for both business and consumer leasing, and the recent merger between Dixons and Carphone Warehouse to create a joint Plc with potential revenues of £10 billion and a 1,298-store network presents as an exciting opportunity to increase new business growth for RentSmart.

The group began in Australia however the UK market is three times larger than its Australian one.

The UK arm reported record profits of A$3.7 million before tax, around a third of overall group profits according to the latest half-yearly report, and the funding from Santander Corporate & Commercial will be used by RentSmart to build on the strong momentum it has developed in the UK.

Chief executive officer, RentSmart Ltd, Fernando de Vicente, said: “We have a strong desire to significantly grow in the UK as well as diversify distribution channels and introduce new products and believe this is best met by increasing funding capacity – and I’m delighted with the support and understanding that Santander has provided.

“We will continue to refresh products aligned to our partners’ commercial objectives and assist them in creating a differentiated proposition in their markets.

“There are clear opportunities to introduce our existing in-store and online point of sale solutions to UK retailers, and I’m excited by the potential of the RentSmart brand.”

Relationship director, Santander corporate & commercial, David Chell, said: “We have been very impressed by the business plan for RentSmart in the UK, and have been keen to work with Fernando and the management team in helping the firm expand in the UK.

“We have taken the time to understand the business and develop a suitable funding package that we are confident will help it meet its growth aspirations.”

This was posted in Bdaily's Members' News section by Sophia Taha .