The deal will see SFS merge with Rcapital’s existing ‘home-collected credit’ business Morses Club, creating a joint business with revenues of about £80m.
Rcapital said the merged business would be the largest of its type in the UK, with more than 500 employees and 2,100 agents.
Jamie Constable, CEO of Rcapital, said, “MCL has a reputation as ‘best of breed’ in the industry and our intention is to merge the two businesses, building on the strengths of both companies.
“This new deal is a big step forward and will firm up the future direction of the SFS business.
“Since Rcapital invested in MCL, it has become one of the strongest and most profitable businesses in its sector.
“Our intention is to develop the newly combined business to the same level.”
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