Manx Financial buys ECF Asset Finance

Isle of Man-based Manx Financial Group has acquired the asset-based lender ECF Asset Finance for £1.


Isle of Man-based Manx Financial Group has acquired the asset-based lender ECF Asset Finance for £1.

Isle of Man-based Manx Financial Group (MFG) has acquired the asset-based lender ECF Asset Finance for £1.

MFG’s banking subsidiary, Conister Bank, acquired the ECF loan book for £12.2 million, which has £14.3 million of gross receivables. ECF also has approximately £1.1 million in cash which will be available to MFG.

Denham Eke, CEO of MFG, comments that the acquisition will increase the value of the group’s loan book by over a quarter and increase interest income. He adds: ‘The ECF team supplements our existing skills in sales, underwriting and collections, especially for commercial lending. The group board continues to look for similar acquisition opportunities for growth.’

Manchester-based ECF provides finance products including finance leases and commercial loans to UK-based SMEs. The company employs 16 staff and in the year to December 2009 declared a loss of £84,458 on a turnover of £3.2 million, and had net assets of £15.7 million.

Founded in 1935, AIM-listed MFG provides services such as banking and wealth management through its subsidiaries Conister Bank, Conister Card Services and Edgewater Associates.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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