Rcapital buys Shopacheck Financial Services
Rcapital, the London based private investment company, has bought Shopacheck Financial Services (SFS), the home collected credit business, from Welcome Financial Services.
The new deal will see SFS merge with Rcapital's existing home collected credit business, Morses Club Limited (MCL).
The revenue of the newly formed business is expected to be in the region of GBP80m.
Birstall-based SFS is currently the number two in the UK home collected credit market, behind Provident Financial. Combining MCL, currently ranked at number four, with SFS will form a new business with over 500 employees and 2,100 agents, creating the largest independent home collected credit business in the UK.
Rcapital CEO, Jamie Constable, says: "MCL has a reputation as 'best of breed' in the industry and our intention is to merge the two businesses, building on the strengths of both companies. This new deal is a big step forward and will firm up the future direction of the SFS business. Since Rcapital invested in MCL, it has become one of the strongest and most profitable businesses in its sector. Our intention is to develop the newly combined business to the same level.”
- By Category
- News from other sites
- Special Reports
- Partner events