Manx Financial Group PLC acquires Blue Star Business Solutions Ltd
Manx Financial Group PLC announces that Bradburn Limited, its wholly owned subsidiary, has entered into a binding agreement to acquire the entire issued share capital of Blue Star Business Solutions Limited (“BSBSL”) subject only to Financial Conduct Authority (“FCA”) approval of the proposed change of control.
BSBSL was formed in 2004 and is based in Hampshire and regulated by the FCA and holds Credit Broking Authorisations. The two co-founders of BSBSL, Marcus Gregory and Mark Hayman, have developed a niche brokerage which focuses on delivering excellent customer service to small and medium sized businesses in the UK that require funding for IT equipment amongst other assets. Post-acquisition the Group will invest in BSBSL to allow it to grow profitably by gaining market share and through its banking subsidiary, Conister Bank Limited, write the majority of its funding requests.
The board of directors of BSBSL will be strengthened by the appointment of Douglas Grant, the Group’s Finance Director, and Denham Eke, the Group’s Chief Executive Officer.
This acquisition is part of the Group’s strategy to increase its distribution in the UK broker market.
Douglas Grant, Group Finance Director, commented: “The asset backed finance market in the UK recorded its seventh year of successive growth last year, led by the broker finance market which grew 14% year on year. This is a market Conister Bank is active within and indeed wrote more than £16 million of business last year. This acquisition will bolster our presence in this attractive market sector and act as a catalyst for future growth. Both Marcus and Mark have great experience in the UK broker market and are keen to grow the business with our assistance and I am equally keen to work with them to achieve this goal.”
Mark Hayman, Director of BSBSL, commented: “I am extremely proud of the business we have grown and our entire team look forward to working closely with Conister Bank and Manx Financial Group to take our business to the next level. This is a very exciting time for Bluestar and this new partnership will further strengthen our business finance offering to our clients and partners.”
Further information will be published following completion.