FOR IMMEDIATE RELEASE 13 August 2014
Manx Financial Group PLC
(the 'Group')
New lending book
Manx Financial Group PLC (LSE: MFX), the financial services group which includes Conister Bank Limited, Conister Card Services Limited and Edgewater Associates Limited, has entered into a joint venture with a consortium led by Andrew Flowers, Chairman of Enterprise Insurance Company PLC ('Enterprise'), to form a company to build a loan book specialising in insurance premium and asset backed finance for the UK professional services market.
The new company, Manx Financial Limited ('MFL'), is registered in the Isle of Man. The Group will own 50.1% and Enterprise will own 49.9% of the issued share capital. The Group will appoint two of the three directors including the Chairman.
The Group, via its wholly owned banking subsidiary Conister Bank Limited, has entered into an exclusive service agreement on commercial terms with MFL to supply all of the new company's operational requirements. In turn, Enterprise will provide both proportional equity and also present unique lending opportunities to the new company. Funding facilities have been agreed with two financial institutions and a further two facilities are currently under negotiation.
Denham Eke, the Group's CEO commented: 'We have a good understanding of the premium finance market. Our new partners will provide MFL with access to markets hitherto unavailable to us. The new venture will not cannibalise our current revenue streams, but will open up a potential new customer base for our existing asset backed lending products.'
For further information, please contact:
Manx Financial Group PLC
Denham Eke, Chief Executive
Tel: +44 (0) 1624 694694
Beaumont Cornish Limited
Roland Cornish/Felicity Geidt
Tel: +44 (0) 20 7628 3396
Britton Financial PR
Tim Blackstone
Tel +44 (0) 7957 140416
