In the last issue of Balance we reported that Cash Resources had been acquired by The Thorn Group. In this issue we provide you with a background to the company.
Thorn Group is one of Australia’s leading financial services providers, meeting the needs of niche consumer and commercial markets.
Thorn Group was listed on the ASX in 2006, backed by solid beginnings nearly 80 years ago, when Radio Rentals opened its first store in 1937. Today Radio Rentals / Rentlo is a household name with over 90 outlets around the country. Other group businesses comprise of Thorn Financial Services; providing consumer loans under the brands Cashfirst and Thorn Money and Thorn Equipment Finance; providing commercial finance and NCML, a full service receivables management company.
The underlying strength of Radio Rentals / Rentlo has enabled Thorn Group to achieve substantial growth in recent years, providing a platform for developing newer businesses which are now broadening Thorn Group’s revenue base.
Over the past few years, Thorn Group has invested in extending its range of financial services, targeting a wider demographic with a view to meeting the needs of many more Australians, as it seeks to become a significant participant in the financial services sector.
Key components of Thorn Group’s strategy are to continue to renew existing businesses to make them relevant to customer needs, develop new products and services, consider acquisitions as opportunities and to ensure growth is within the values and guidelines that the group has established.
Thorn Group Executive General Manager, Matt Ingram said, “I am excited about the acquisition, our business customers have been asking for a working capital solution for some time and we see CRA as a natural fit to our operations.”
CRA has forged strong relationships with its clients, with numerous examples throughout their client book of strong and profitable dealings stretching back over 10 years. CRA have approximately 200 clients across a variety of different industries, ranging from concreters to training providers, security firms to mining services companies. This is something Thorn Group hopes to build upon as we offer new and exciting products to existing clients and ensure we are working hard to assist them in managing their ongoing business finance needs.