Team GB's cyclists boost Secure Trust

Click to follow
The Independent Online

Team GB's outstanding performance in the velodrome pushed loans for bicycles at retail bank Secure Trust to record levels, it said yesterday.

Secure Trust is the biggest lender in the cycling market through retailers like Evans Cycles.

The bank's chief executive Paul Lynam said: "Usually the summer is the peak time for cycle lending but obviously this year it was a bit of a washout.

"Then came the Olympics. August was easily the best month we ever had since we started loans for cycles three years ago."

It lends on cycles ranging in price from just £250 to over £10,000. Mr Lynam said: "Consumers like it and retailers like it because people buying with a loan tend to upgrade the spec on the bike they are buying."

Mr Lynam also said the bank had seen an uptick across loans for more general sports and gym equipment after the Games.

He said the bank has applied to use the Government's funding for lending scheme, which would give it access to cheap money, although he said the bank's own liquidity remains high.

Mr Lynam said it was being "inundated with entirely spurious claims originated by claims management companies".