Business
Acquisition of ECF Asset Fina
Acquisition of ECF Asset Fina.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n RNS Number : 5663W Manx Financial Group PLC 22 November 2010 \n \n\n \nFOR IMMEDIATE RELEASE 22 November 2010\n \n \nManx Financial Group PLC\n(the 'Group')\n \nAcquisition of ECF Asset Finance PLC\n\n\nManx Financial Group PLC announces that it has acquired the entire share capital of ECF Asset Finance PLC (http://www.ecfgroup/assetfinance.co.uk), an asset finance house formed over 19 years ago to provide asset backed finance to UK based Small and Medium sized Entities (\"SME's\"). The acquisition has been made by Bradburn Limited, a wholly owned subsidiary registered in Isle of Man.\n\nThe Group's directors believe that the SME market sector has been neglected in the current climate by many UK high street banks. There are, however, many dynamic businesses that believe investing in their key assets will deliver efficiencies in the current economic climate. In ECF Asset Finance PLC ('ECF'), the Group has acquired a company with close relationships to the commercial market. Equally importantly, ECF possess the underwriting skills to help effectively manage our risk at this key point in the economic cycle. \n\nECF offers a diverse portfolio of finance products to UK based companies, including but not limited to: sale and leaseback agreements; finance leases; hire purchase agreements and commercial loans. ECF employs 16 members of staff from its office in Manchester.\n\nThe Group, through its wholly owned banking subsidiary Conister Bank Limited, already lends in the UK and the customer overlap between the two target markets has been assessed and is not material. ECF will not only become a new lending catalyst for the Group but will also bolster the Group's existing UK based sales and collection teams.\n\nThis acquisition offers opportunities for earnings growth, both initially, and through the ongoing servicing of the corporate market as the Group has acquired ECF's current loan book with a healthy pipeline of committed proposals.\n\nFor the year ended 31 December 2009, EC...