FOR IMMEDIATE RELEASE 16 April 2019
Manx Financial Group PLC
Acquisition of the entire issued share capital of Blue Star Business Solutions Limited - Update
Following the announcement by Manx Financial Group PLC (the "Group") on the 28 March 2018 regarding the agreement to acquire the entire issued share capital of Blue Star Business Solutions Limited ("BBSL") by Bradburn Limited, a wholly owned subsidiary company of the Group, we are pleased to announce the acquisition has now completed.
Following a review in 2018 of the BBSL business, the acquisition has been amended to only acquire the more resilient and profitable small and medium sized business ("SME") loan portfolio. This is in line with the Group's strategy to limit its UK consumer exposure by a greater concentration on commercial lending, and by increasing distribution via a consolidation of related UK credit brokers. As a result, BBSL will reassign their consumer loans (approx. 10% of their overall income) as part of the transaction. The other principal terms of the purchase contract remain as previously announced.
BBSL was formed in 2004 and is based in Hampshire. The two co-founders of BBSL, Marcus Gregory and Mark Hayman, will remain on the board. BBSL has developed a niche brokerage which focuses on delivering excellent customer service to UK SMEs that require funding for IT equipment amongst other assets. Post-purchase, the Group will offer additional support to BBSL by sourcing loans funded by the Group's banking subsidiary, Conister Bank Limited, thus increasing the scale and profitability of the acquisition.
It remains the intention to augment the BBSL board of directors with the appointment of Douglas Grant, the Group's Finance Director, and Denham Eke, the Group's Chief Executive Officer.
For further information: -
Manx Financial Group - http://www.mfg.im/
Blue Star Business Solutions Limited - http://www.bluestarleasing.com/
Contacts:
Manx Financial Group PLC
Denham Eke, Chief Executive
Tel: +44 (0) 1624 694694
Beaumont Cornish Limited
Roland Cornish/James Biddle
Tel: +44 (0) 20 7628 3396
Britton Financial PR
Tim Blackstone
Tel +44 (0) 7957 140416
