UK Scrappage Scheme Partnersh

RNS Number : 5426U

S & U PLC

26 June 2009

 



26 June 2009

S & U PLC ('S&U' or 'the Company')

UK Scrappage Scheme Partnership

S&U, Britain's foremost niche home credit and motor finance provider, today announces that its subsidiary Advantage Finance Ltd ('Advantage') has entered into an exclusive partnership with Stoneacre Motor Group, which has over 20 branches across the UK. Under the scheme Advantage will provide finance for car owners wishing to take advantage of the UK Government's scrappage scheme by buying a car from a Stoneacre dealership.  

The UK Government's scrappage scheme is designed to encourage the sale of new vehicles by providing a £2,000 part exchange allowance for old cars. However, many potential car owners are unable to participate due to not having access to the funds needed to cover the remaining balance of the cost of a new car or as they may not qualify for manufacturers' own financing deals. 

Guy Thompson, Advantage's Managing Director, said:

'Advantage will support the scheme by providing finance, to customers purchasing from Stoneacre, using the old car to be scrapped as a deposit on loans up to a maximum value of £6,000.'

Cars currently available under the scheme include models from Renault, Fiat, Kia, Hyundai, Ford, Peugeot, Citroen, Daihatsu, Suzuki, Seat and Chevrolet.

For further information about Advantage and Stoneacre:

www.advantage-finance.co.uk

www.stoneacre.co.uk

Anthony Coombs, Chairman, commented:

'Advantage is delighted to support the Government's new scrappage scheme in partnership with Stoneacre. This offer will allow many people to take advantage of the new scheme and the allowances on offer even if they fail to qualify for manufacturer's finance deals'.

For further information, please contact: 

S&U plc                                                      www.suplc.co.uk 

Anthony Coombs, Chairman                         0121 705 7777 

Charles Stanley Securities 

Mark Taylor / Freddy Crossley                       020 7149 6000 

Smithfield 

Reg Hoare / Rebecca Whitehead                   020 7360 4900 

 

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