Business
Acquisition
Acquisition.
About this update from Close Brothers Group Plc
[{"type":"text","content":"\n\n \n \n \n\n\n\nClose Brothers announces agreement to acquire Bluestone Motor Finance\n\n\n\n\n\n\n\n20 September 2023\n\n\n\n\n\n\nEmbargoed for release until 7.00 am on 20 September 2023\n\nClose Brothers Group plc (\"the group\" or \"Close Brothers\") today announces that it has reached an agreement to acquire Bluestone Motor Finance (Ireland) DAC (Bluestone Motor Finance), a provider of motor finance in Ireland in a cash deal. The transaction is expected to complete in Q4 2023. Bluestone Motor Finance has originated over €450 million since inception in 2014 and had loans under management of €132 million at 31 December 2022.\nThe transaction is aligned with the group's commitment to Ireland as a strategic market and represents an important milestone in our commitment to delivering disciplined growth in our Retail business.\nAdrian Sainsbury, Group Chief Executive, said: \"I am delighted to announce this transaction. Bluestone Motor Finance has delivered impressive growth and will complement our Motor Finance presence in the UK and Ireland, a strategic growth market for the group. We would like to welcome Donal and the team to Close Brothers and look forward to working together to further expand our presence in the Irish market.\"\n\nBluestone Group's Managing Director, Peter McGuinness, said: \"...