Novuna and Magnet join forces to create the perfect blend of kitchen and financial expertise

Wednesday 14th June 2023

Magnet logo

14 JuneNovuna Consumer Finance, one of the UK’s leading retail point of sale providers, has partnered with Magnet, one of the country's largest and most established kitchen retailers, to revolutionise the credit options available in-store. This collaboration aims to provide customers with a diverse menu of flexible finance solutions to support their kitchen makeover projects.

Novuna Consumer Finance specialises in tailoring finance offers based on customers' disposable income, and together with Magnet, they have introduced more payment options for their customers. Under this exciting partnership, customers purchasing a new kitchen at any of Magnet's nationwide showrooms will now have the opportunity to borrow up to £50k and spread the cost of their dream kitchen over a maximum period of five years.

Magnet will utilise Novuna's comprehensive range of financial products, including interest-free and interest-bearing options, as well as buy now, pay later plans. Additionally, they will benefit from Novuna's ground-breaking soft search and tailoring functionality, which is revolutionising the retail industry. The soft search feature instantly confirms whether a customer is eligible for their preferred credit option with 100% accuracy, preventing any impact on their credit score before proceeding with the full application.

Novuna's unique tailoring functionality then enables retailers like Magnet to collaborate with customers and customise loan amounts and repayment options to suit individual circumstances. This upfront visibility empowers customers to accurately budget for their dream kitchen project. By offering greater flexibility over terms, deposits, and loan amounts, retailers can create payment plans to suit their lifestyle, expanding access to finance for a wider customer base and reducing the number of declined applications.

Brian Flesk, Head of Retail at Novuna Consumer Finance, expressed his excitement about the partnership, stating, "We are thrilled to work with Magnet, and we are confident that our unique point of sale finance offering will assist Magnet in creating the perfect financial solution for each customer, tailored as precisely as their kitchens are designed."

Paul Owen, Director of Store Operations at Magnet, added, "We know our customers appreciate choice whether it’s product breadth, different installation services or a variety of ways to pay, it’s important to offer flexibility. By partnering with Novuna, we are providing our customers with just that enabling the option to spread the cost of a kitchen designed especially for them."

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