Frasers to move into credit - report
By Abigail Townsend
Date: Monday 30 Jan 2023
(Sharecast News) - Frasers Group is to start offering customers credit with its own buy now, pay later scheme, it was reported on Monday.
The retailer, which is controlled by billionaire Mike Ashley, is considering launching a range of financial products branded Frasers Plus, according to The Times and Telegraph.
Under the scheme, the FTSE 100 owner of Sports Direct, House of Fraser and Jack Wills, among others, will provide customer loans of up to £2,000 as well as the deferred payments. Customers will also be rewarded with points when shopping with the new financial products.
Consumer loans would be facilitated through Studio Retail Group, which Frasers acquired out of administration last year. Studio Retail, formerly known as Findel, is a home shopping company that offers flexible payment terms and is regulated by the Financial Conduct Authority.
Tymit, meanwhile, will facilitate the buy now, pay later payment. Frasers has a 28% stake in the fintech start-up.
As at 1000 GMT, shares in Frasers were down 2% at 754.5p. Frasers declined to comment on the reports.
Founder Ashley stepped down last year, though he retains a near 70% stake. Michael Murray, his son-in-law, took over as chief executive.
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