12 May 2013

For immediate release May 13th 2013

  • Purchase includes over 3.5 million customer accounts with more than £1 billion in receivables
  • Card portfolio includes many of the UK high street’s leading retailers, including: Arcadia Group, Debenhams, House of Fraser and Laura Ashley amongst others.

Leading independent credit card provider SAV Credit Limited has completed the acquisition of Santander UK’s retail co-brand card and point-of-sale finance business for an undisclosed sum.

The transfer of the business includes intellectual property, retail relationships including many of the UK high street’s most recognisable brands: the Arcadia Group, Debenhams, House of Fraser, Laura Ashley and others, with over 3.5 million customer accounts and balances of more than £1 billion.

SAV Credit has identified the retail co-brand market as a strategic priority for the next stage of its expansion. The company, ranked as one of the fastest-growing firms in the UK by Profit Track 100, sees this acquisition as a springboard for establishing itself as a leader in the retail financial services segment.

At SAV we have a strong track record of growing portfolios and attracting new customers through a focus on innovation in the credit card market. This comes from our deep analytical expertise and financial services experience. We are making a significant investment on enhancing the customer experience through digital innovation.

We are also excited to be working with our experienced colleagues from Santander and look forward to working with our retail partners to help grow their business in-store and online and deliver increased sales and benefits for customers.

James Corcoran Chief Executive Officer

Following our preliminary agreement in December to sell the co-brands portfolio to SAV Credit Limited, Santander is delighted that the deal has now been successfully concluded.

A Santander spokesperson Commenting on the sale

To ensure a smooth handover of the business Santander will continue to service the portfolio until the second half of 2014 under a Transitional Service Agreement.

SAV Credit’s growth record was recognised in 2012 by the Sunday Times PwC Profit Track 100 which ranked the company third for profits growth among the top 100 UK private companies.

As a responsible lender SAV issues a range of innovative products that help customers gain access to credit and build their credit profile.

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For further information please contact:
Kevan Reilly
Citigate Dewe Rogerson
Tel: 020 7282 1096/07977 550913

About SAV Credit

Founded in 2000, SAV Credit is the UK’s leading specialist credit card lender with circa 500,000 accounts and in excess of £400 million in credit card assets under management including the innovative aqua branded range of credit cards. Fundamental to its success is the provision of affordable lending with fair and transparent pricing. SAV Credit is based in Kent and employs around 70 professionals who are supported by more than 300 people at its servicing partners.

Värde Partners acquired SAV Credit in 2011. Värde Partners is a leading global investor in credit and event-driven strategies with over US$ 7 billion assets under management.