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Finance & Insurance

Other Finance & Insurance Businesses

This is an excellent opportunity to aquire a company who provide small, short term, unsecured loans to their clients. The company lend from Fifty pounds to One thousand pounds with the majority of the loans short term and paid back within 29 weeks. The average loan is approximately Three hundred pounds, and is paid out in either cash or in high street vouchers. The loans are paid back weekly or monthy by either direct payment made into the office or by a simple, house collection call. The company is owned and run by two equal partners,and was formed in 1989 with their own personal money used for the working capital. They now have over 260 regular active clients and use an overdraft borrowing facility and their own funds. They are a local and well trusted company who assess their customers credit worthiness by the filling out of an application form and by checking on Equifax. Customer Service The company have built up an envious reputation in the local area for their friendly,confidential and understanding approach to their clients. This is reflected as circa 90% of their clients return to renew their debt Clients can either pay their debt back on a weekly or monthly basis, simply by a visit to the shop, situated in the local town centre, or by arranging to pay on a regular house collection call.. Key Strengths The company offers small unsecured loans on a short term basis. This is low risk lending and the company have had very few bad debts throughout their eighteen years of trading. Because they are an independent loacl business they are very competitive against other national credit companies. With repayments made on a weekly and monthly basis, the company has a good cashflow situation. The profit margins are high, for example,a debt of One thousand pounds would return One thousand and four hundred hundred pounds within a twenty eight week period. Overheads are kept to a minimum and are extremly low for the size of business. The company loans are issued in either cash form or by high street vouchers to their customers. The exception is the popular Christmas Hamper or the Meat Hamper which is paid for over a fifty week period. The majority of the clients renew their payments immediately in the New Year for the next years Christmas period. Profit margin on these hampers is currently circa seventy percent. Growth and Expansion The company keeps a high retention of clients and most new customers are obtained by word of mouth reccomendation or by family referall. There is no advertising or marketing budget for the company, but the current owners iunderstand that if a local advertising campaign was activated, they could increase their client base sustantially. The company has a database of over Five hundred , but have not been pro-active in contacting any of these prospective clients.

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