Hill Dickinson advised Manx Financial Group on the deal.
The Manx Financial Group acquired a 60% interest in The Business Lending Exchange Limited.
AIM-listed Manx Financial Group Plc (MFG) is the holding company of a diversified financial services group which offers retail and commercial banking services, payment solutions, foreign exchange, money saving solutions, wealth management, general insurance and life insurance through its subsidiaries Conister Bank Limited, Conister Finance & Leasing Ltd, Blue Star Business Solutions Limited, Edgewater Associates Limited and Manx FX Limited. It is headquartered in the Isle of Man with operations in the Isle of Man and the United Kingdom.
The Business Lending Exchange Limited (BLX) is regulated by the FCA under Consumer Credit Authorisations and primarily lends to start-up companies and small businesses that require asset-backed finance.
In 2018, MFG acquired an initial 40% interest in BLX and pursuant to that transaction was also granted an option to acquire the remaining 60% of BLX. MFG has now exercised this option and increased its stake in BLX to 100%. The acquisition was completed by MFG’s 100% owned subsidiary, Bradburn Limited.
This acquisition furthers MFG’s strategy of acquiring niche lenders within the UK, to both provide direct access to specialist markets and to reduce commissions paid.
The Hill Dickinson team advising MFG on the acquisition was led by legal director Sam Hudson (Picture), with assistance from trainee solicitor Cyprien Berlan and employment associate Laura Marginson.
Law Firms: Hill Dickinson;
Clients: Manx Financial Group;