CPC Group, the owners of leading bridging lender Omni Capital, has acquired Watford-based Logical Finance, a specialist provider of point-of-sale credit facilities to independent and niche retailers.
Following the acquisition, Logical Finance has been re-branded and will trade as Omni Capital Retail Finance (OCRF). OCRF will operate as a separate CPC Group business with its own management team, staff and IT platform but will share group infrastructure services with the property-focused Omni Capital business.
Colin Sanders (pictured) has been named chief executive officer for both Omni Capital brand businesses. Michael Bevan is appointed managing director of OCRF and will be responsible for the day-to-day executive management of the new business and its seven employees.
CPC Group confirmed that Omni Capital’s bridging business is wholly unaffected by the acquisition and that its in-house funding arrangements, team structure and distribution policies remain unchanged.
Sanders said it has long been Omni Capital’s intention to expand into new financial services sectors.
He said: “Retail finance provides us with the perfect opportunity, and it gives me great pleasure to welcome Michael Bevan and his excellent team to the group.
“While an exciting next step in our planned expansion, I want to assure our loyal brokers and distributors that the acquisition in no way alters Omni Capital’s commitment to short-term lending. It is this sector in which we have made our reputation and it remains our bedrock.
“Accordingly, it will continue to receive our full attention and significant future investment.”