14th Feb 2025 13:29
(Alliance News) - Distribution Finance Capital Holdings PLC on Friday said it has now been authorised by the UK Financial Conduct Authority to conduct consumer lending.
The Manchester, England-based provider of financing solutions for dealers and manufacturers in the UK said the approval was granted to its DF Capital Retail Finance Ltd subsidiary following its application to the FCA in the summer of 2024.
The authorisation enables the group to conduct consumer asset finance, and provide finance at inception to customers of its leisure dealers, as well as directly to businesses wanting to fund the purchase of other products across its commercial sectors.
Distribution Finance reiterates that it remains on track to launch its asset finance and hire purchase capability during the first half of 2025, initially through its existing dealer customers and then to adjacent markets "several times larger than the group's existing core lending product".
"Today represents a significant step forward in our growth strategy," said Chief Executive Officer Carl D'Ammassa.
"Becoming a multi-product lender has been a key element of our medium-term growth plan and strategic ambition for some time. Now having the required permissions from the FCA to launch a consumer asset finance product unlocks sizeable opportunity for the group and one that is in significant demand from our dealer and manufacturer customers."
Shares in Distribution Finance were flat at 39.50 pence each in London on Friday afternoon.
By Emily Parsons, Alliance News reporter
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