LaSer UK ‘on course’ for £1bn target

SOLIHULL-based credit and loyalty business LaSer UK says it is confident of becoming a billion pound business this year after reporting strong growth in 2009.

Sales increased by 35% and balances 31% in 2009, said the company in its annual report, driven by strong growth in its consumer retail finance (up 54%) and significant growth in affinity credit cards – up 20%).

LaSer is part of the LaSer Group, jointly owned by BNP Paribas, the global retail and investment bank, and Galeries Lafayette, Europe’s leading retailer. It provides credit cards, store cards, gift cards, loyalty programmes and fixed term credit products.

It employs over 600 employees, managing more than 3.5 million customers and financing over £800m in credit per annum. Based in Solihull and Belfast, clients include Flybe, Selfridges, DFS and Argos.

Stephen Hunt, Group Managing Director, said: “Our success this year has come after a number of years of heavy investment in our business to make sure that we had the best infrastructure and products in the market.  Despite the severity of the economic downturn we have continued to invest and grow our product range and our customer base.

“Being owned by BNP Paribas and Galeries Lafayette, the largest department store group in France, we have been able to continue to invest and support our clients through very difficult times.  

“We have started 2010 very strongly and we continue to focus on growing our business with a priority on opening up new markets and launching new products. Three years ago we set ourselves a target to lend £1bn in 2010 and despite the downturn we will exceed this target.  

“It is also exciting that this success will create over 120 new positions in 2010 which is particularly needed in the West Midlands.”