Capquest, one of the UK's fastest growing credit solutions businesses, has announced it has purchased the business operations and loan portfolio of established motor finance firm, British Credit Trust (BCT).
The acquisition includes the purchase of BCT’s brand, key employees, loan portfolio, data and systems and will see Capquest expand its expertise into the motor finance sector, building on its already impressive heritage in the banking, finance and telecoms sectors.
The total loan portfolio purchased is approximately £10 million and the transaction reaffirms Capquest’s desire to grow and expand its UK operations.
Capquest CEO, Helen Ashton, said the acquisition signals Capquest’s desire to move into new, well-performing markets in addition to growing its existing portfolio.
Helen Ashton said:
“This is a very exciting period of growth for us as a business. The motor finance sector is an attractive market and the experience and understanding we gain from this portfolio will enable us to respond to further opportunities in this specialist sector which is experiencing strong growth. BCT has a very strong heritage within this sector and the opportunity matched our ambitions.
The data that we have purchased will also help expand our analytic capabilities, enabling us to better support our existing and future customers. Customers with existing BCT accounts can be assured that we will strive to put them at the heart of our business, as we always do with all of our customers.”
Capquest will take over more than 4,600 motor finance and home loan accounts as part of the deal.
The transaction comes on the back of the launch of Capquest’s new brand identity in 2013 and the opening of two new offices in Glasgow and Farnborough.