Bicycle Association onboards new consumer finance partner

The Bicycle Association has announced a new consumer finance partner in Novuna, giving bike shops another option to provide support to customers.

Having undertaken a procurement exercise to find a competitive partner, the BA says that all of the savings gained in its negotiations will be passed on to retailers choosing the platform.

Stephen Holt, Retail Trade Manager at The Bicycle Association, said: “We are delighted to have negotiated this highly competitive deal for cycling retailers, with such a trusted and capable organisation. This offers a great opportunity for BA members and our Investors in the Cycling community and will also help towards our shared mission of putting more people on bikes and growing the industry.”

The partnership is timely, coming as consumers are understandably strained by wages being outpaced by price rises. This subject is something that CI.N columnist John Styles has written on recently, outlining how bike shops are visibly lacking promotion of sales tools such as finance on online shop windows.

Brian Flesk, Head of Retail at Novuna Consumer Finance added: “I’m really pleased to launch our partnership with the Bicycle Association and be in a position where we can provide thousands of cycling retailers and their customers, access to affordable point of sale finance, at a time when they need it most.”

Novuna Consumer Finance is the new name for Hitachi Capital Consumer Finance, which is one of the UK’s leading providers of retail point of sale finance and personal loans, lending over £2.3bn to more than a million customers each year. The business works with 3,500 retailers.