Creation announces acquisition of Open and Direct Retail Services
A dynamic new force in UK retail finance solutions has been created today following the announcement of the acquisition of, Belfast based Open and Direct Retail Services Ltd (ODRS) by leading consumer credit provider Creation Financial Services Ltd (Creation).The deal, (worth in excess of £250 million), brings together two well-respected players in the retail finance market. Creation, UK subsidiary of LASER, one of Europe's largest providers of credit and loyalty programmes has sealed its strategic objective to develop its lending proposition through the purchase of ODRS . The acquisition will also facilitate the introduction of the LASER UK brand and its wider offer into the market.
ODRS's diverse range of unsecured fixed term retail finance solutions and personal loans will combine with and complement the expertise Creation currently offers in card marketing programmes and data services bringing retail partners access to an unrivalled portfolio of consumer finance products.
Creation's Managing Director, Jean-Pierre Charles comments “ODRS represents a perfect strategic fit for Creation. It shares many of its achievements, visions and values including a successful track-record, strong retail heritage, a commitment to long-term growth, innovation and product development supported by a robust infrastructure. This acquisition doubles both the size of Creation's existing business, as well as the potential retail market we can supply.”
He added, “This acquisition also represents a valuable opportunity for LASER by establishing an even firmer foothold in this highly competitive but exciting market, increasing its presence in the UK and strengthening its European reach.” Stephen Hunt, Commercial Director at Creation said, “This is a significant strategic transaction that will bring rewards not only for the long-term growth of Creation, but will also provide an unparalleled portfolio of products designed to meet retailer's requirements in all areas of consumer finance and loyalty. We are convinced that the combination of Creation and ODRS will offer an unrivalled proposition for UK retailers and one which will provide a best-in-market offering for our partners in terms of products, terms, and expertise.” Paul Elliott, CEO at Open and Direct Group said, “This is a very exciting opportunity for ODRS. ODRS has a strong reputation as an innovative and quality service provider of point of sale credit solutions to retail partners in the UK and Ireland. We are very much looking forward to working with Creation and to developing new opportunities to grow the business for the future.”
The combination of Creation and ODRS will most definitely create a market leading provider for the UK and Irish credit markets.conditions being satisfied before completion.
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