Spicing Up The Sector

Can Pepper help provide additional flavour to the second charge maket, asks Simon Mules, commercial director at Optimum Credit

Well the news is out! Optimum Credit Limited, the second charge market leader, has been acquired by Pepper Money (PMB) Limited; subject to formal FCA approval.

What does the future hold?

Laurence Morey, chief executive officer of Pepper Money, said of the deal: “Earlier this month, we announced that Pepper Money was starting the journey of seeking a banking licence and that we would be considering targeted acquisitions to complement our organic growth plans


for the business. We are delighted to have been able to agree the purchase of Optimum Credit, subject to receipt of regulatory approval.

“I am pleased to welcome the market- leading team at Optimum Credit into the Pepper Money family. We are looking forward to how this acquisition will enhance the growth of Pepper Money’s intermediary led secured lending proposition and are excited at the prospect of supporting the Optimum Credit team in the continued development of their unique proposition supported by excellent systems and intermediary relationships in an exciting market segment.”

Sam Marshall, chief executive officer at Optimum Credit, added: “We are pleased to be joining the Pepper Money team in the UK, Pepper Money has shared a very similar development journey to ours at Optimum Credit, we share a common culture and entrepreneurial approach with the intermediary and UK residential property owner at the core of our proposition.

“This acquisition will give Optimum Credit access to a wider range of resources and shared expertise that will enhance our business and enable our continued growth.”

How are brokers affected?

In practical terms you are not. Optimum Credit will continue to process your loan applications in the normal way, although in the longer term we will rebrand and be known as Pepper Money.
This is a particularly exciting time for the team at Optimum as we will be able to utilise the experience of the Pepper Money team not only in matters such as product design but also to help us with future funding arrangements.
The current management and staff at Optimum are all looking forward to the opportunities and challenges and you can rest assured that our service ethos
will continue to be at the forefront of what we do.