ThinkSmart Signs Agreement With FNAC In Spain

14 Oct ThinkSmart Signs Agreement With FNAC In Spain

ThinkSmart Signs Agreement With FNAC In Spain

– Expands distribution footprint in Spanish market

– Continues to position Spanish business for growth on market recovery

ThinkSmart Limited (ASX:TSM), a leading international computer and office equipment financing company, has positioned its Spanish operations for further growth by signing a distribution agreement with leading retailer Fnac.

The 3 year agreement with Fnac will see ThinkSmart provide its B2B rental finance product through Fnac’s 19 stores in Spain, a country with 2.2 million small businesses and a population of 40 million. 

Fnac is a leading European electrical retailer and part of the Paris-based PPR group.  It has operations in eight European countries including France where it is the leading retailer of PCs.

“Adding Fnac to our stable of retailers in Spain will see our Spanish operations placed well for growth on recovery of the Spanish market,” said ThinkSmart’s Executive Chairman and CEO, Ned Montarello.

The Fnac agreement bolsters ThinkSmart’s Spanish operations, where it already has distribution capability through leading retailers PC City and Phone House, and funding arrangements with Banco Santander and Société Générale. The agreements with Phone House and  Société Générale were signed in the past four months. “Our focus in Europe has been to expand our relationships with market leading retailers to position our business for future growth, and Fnac’s unique retail proposition with a strong, loyal customer base sees strong synergies with the ThinkSmart model,” Mr Montarello said.

ThinkSmart fills the gap for small business customers between a credit card and bank loan, enabling them to get on-the-spot approval for technology they need via a tax and cash flow friendly operating lease and other benefits.