Growing Portsmouth car finance firm will reward its workers with shares

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THE growth of The Car Finance Company in Portsmouth is set to continue into the second half of 2014 and beyond with the launch of new products for consumers and now the SME market.

Staff will also be issued with five per cent of new shares in a John Lewis-style employee ownership programme.

Progressing from its alternative consumer finance model, the Portsmouth company is now expanding into new markets with its near prime, commercial van and lower rate renewal loan offerings. The development of these new products is a priority for both the dealers and customers, allowing for further market reach and providing an important diversification of the company’s market offerings.

This year the company expects to lend in excess of £10m per month and pass through the 2,000 new customers per month mark, enabling people to have access to credit denied to them by banks.

At the company’s annual conference, held at The Marriott Hotel in North Harbour, the company announced that is going to share the long term future of the business by issuing 5 per cent in new shares to the staff.

Mark Smith, managing director and founder, said: ‘We’re continually looking to expand our dealer community to help enhance our distribution process.

‘I am delighted to share our future with our dedicated team. This is a just reward for the extreme hard work and effort in getting this far. Our staff are key to operational success and it is a pleasure to announce that they will all own a part of the business.’

The Car Finance Company is also a finalist in the National Business Awards for ‘Growth Business of The Year’ and Mark Smith, is a finalist for ‘The Smith & Williamson Entrepreneur of The Year’ 

On receiving the news Mark said: ‘I am really excited for the future. The UK is the best place in the world to do business. To be a finalist in two categories is amazing.’