SME finance specialist Bibby Financial Services (BFS) has acquired Aldermore Group’s Working Capital Finance division, making it one of the largest specialist construction finance providers. The move is the latest in a series of growth measures taken by BFS. In November last year, BFS announced that it had secured a £1bn securitisation agreement to extend its support for SMEs.
Bibby’s UK Managing Director, Derek Ryan, called the acquisition a “key milestone” in the BFS 4.0 strategy, which aims to expand the level of support the company can provide to SMEs through organic growth and acquisitions. "Working Capital Finance is a strong business with fantastic people and quality clients so it represents a strong strategic fit for BFS" he said. “We’re delighted to welcome new colleagues into the family, and look forward to working with new clients and brokers too.”
Tim Boag, Managing Director for Business Finance at Aldermore said of the BFS deal: "Key to this transaction was finding a buyer who wants to invest in the business over the long term and shared our values and commitment to our clients and colleagues alike."In BFS we’ve done this and we’re happy to have found a good home for this business."
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