Black Horse is to cease accepting new finance business in the retail sector next year.
The Lloyds owned company will stop accepting new business on February 26th 2010. The move is set to affect a large number of cycle retailers, though the move is a result of a strategic review across the Lloyds Banking Group and will affect a number of retail sectors, not just cycles.
The ACT/ActSmart is currently seeking a new provider.
“Whilst this is a short term blow to us and our members I do view this as an opportunity to develop and strengthen our offering in retail finance through a new partnership,” said the ACT/ActSmart’s Mark Brown.
“I have already received a number of approaches from alternative providers and I am confident of finding a suitable replacement to establish a new scheme well within the timescales available.
“In the short term it is very much business as usual and I strongly advise those retailers already using Black Horse, or who were considering doing so, not to switch finance providers without first reviewing our new retail finance offering."
Brown added: “We are in a strong position to negotiate; with over 500 outlets using the scheme which has grown by 30 per cent and has high average transaction and acceptance levels.
“Collectively we can develop a competitive offering which benefits all members via preferential terms and service support.”
For more details contact Mark Brown on 0845 618 7256 or firstname.lastname@example.org.