Financial services group Close Brothers has acquired the invoice financing loan book of GMAC Commercial Finance (UK) for up to £98 million.

Financial services group Close Brothers has acquired the invoice financing loan book of GMAC Commercial Finance (UK) for up to £98 million.

The business will be integrated into Close Brothers’ existing invoice financing business and is expected to break even in the year to July 2010. As part of the deal, 23 staff will be transferred to the group.

Stephen Hodges, managing director of Close Brothers and chief executive of the banking division, said: ‘[The deal] adds further scale to our invoice finance operations and allows us to leverage our market experience and funding strength to create value for our shareholders.’

In the year ending July 2009, London-based Close Brothers reported turnover of £502.1 million and pre-tax profits of £88.3 million.