Commenting on the growth, Tony Machin, Managing Director, Consumer Finance & Europe, said: “We have worked hard to develop the operation in Sweden since the business was acquired in October last year. The growth has been achieved through significant investment in advertising, which has increased our profile and has resulted in an increase in business. The additional appointments at key levels and our relocation to larger offices has facilitated this growth, and we are now perfectly positioned and ready to take full advantage of a rapidly growing market.”
Freedom Finance has committed to spending almost £20 million on advertising over the next 12 months and a proportion of this will be invested in Sweden. The group has already started a substantial online advertising campaign in the country, which will soon extend to teletext and radio.
Expansion in Sweden follows Freedom Finance’s successful entry into the Spanish market last year, and the continued development and growth of the business in the UK.
“An important part of our development is expansion across Europe,” continues Webb. “We are currently examining a number of serious opportunities in other foreign cities and expect to add additional offices over the next 18 months. While this happens, we are determined and committed to further developing the UK operation and are on target with our growth strategy in this country.”
In the current financial year, Freedom Finance hit profits of £6 million EBITDA and is projected to reach £10 million next year. The group has recorded a string of successes in 2004, after being listed in the Sunday Times Top 100 Companies to Work For and the Sunday Times Fast Track 100, as well as being awarded Investor In People status.
