Two enterprising 26 year-olds founded Systems Capital in 1990. They borrowed office space and secured a bank overdraft worth £10k. Today the service that provides funding for acquiring computer equipment is one of the largest funders of high-tech purchases in the UK, claims its chairman Mitchell Perry. In April 1998, the London-based company merged with Paramount Computer Rentals to offer customers a one-stop-shop funding and leasing service. Customers send Systems Capital a one-page fax and it purchases the PC from the reseller, arranges the loan, and sends the product to the customer. While the average loan has gone from roughly £5k to £20k – with a few over £1m each year – sales at the company have grown from £2.2m in 1994 to £13.3m in 1997. The company has been self-financed throughout and has never touched its overdraft. Its founders are considering a future IPO.
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