The Bicycle Association has announced a new finance partner Novuna, to offer consumer finance options to the cycle trade.
As part of the new partnership the Bicycle Association, a national trade association for the UK cycle industry, now aims to help bike retailers offer consumer finance at time when household spending is being squeezed by the cost of living crisis.
Novuna Consumer Finance, the new name for Hitachi Capital Consumer Finance, is a leading provider of point of sale finance and personal loans, and currently works with 3,5000 retailers from high street chains to e-commerce retailers.
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.”
Under the new partnership, all BA members and the 1,000 cycle retailers already part of the BA’s Investors in Cycling scheme will be given access to competitive retail finance.
The BA said the appointment of Novuna follows an extensive procurement exercise undertaken by the association seeking to improve consumer finance options for UK cycling retailers.
As a non-profit organisation, the BA said of the savings from its collectively procured offer are passed directly on to cycling retailers and consumers.
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.”