1st Stop Group Limited, the specialist consumer lender, is delighted to announce the completion of £120 million of funding facilities to support the group’s objective of becoming a leading consumer finance brand in the UK.
Since investment by Pollen Street Capital in 2016, 1st Stop Group has undergone significant growth across its Secured Lending, Car Finance, Personal Loan and Home Improvement products. This growth has been driven by its detailed understanding and experience of the near prime segments of its chosen markets.
A new £75m securitisation facility was secured from Citi, alongside increased balance sheet funding provided by existing funders. Both facilities will enable 1st Stop to increase lending and support for consumers in the UK.
Mark Robins, CFO of 1st Stop said;
“We are delighted to announce continued support from our existing funders and the introduction of Citi to our funding group. We envisage significant growth in our chosen markets and look forward to working closely with our funders, who have a recognised track record in our market space, to deliver on our growth aspirations”.
1st Stop Group were advised by the Financial Services Corporate Finance team at EY.
About 1st Stop Group
1st Stop Group offers Car Finance loans, Secured Second Charge Mortgages, Unsecured Personal Loans and Home Improvement loans to UK customers. In 2016, the business announced a significant investment by Pollen Street Capital, a private equity fund manager focused on investing in businesses in the financial and business services sector and has invested over £1.2bn in a range of businesses across all stages of development.
1st Stop has a 98% positive approval rating from customers and employs 140 people across offices in Blackpool, Durham and Manchester.
1st Stop is authorised by the Financial Conduct Authority.
Contact: Mark Robins, Mark.Robins@1ststop.co.uk, 01253 601 961
Published July 2017