1pm subsidiary buys motor finance brokerage CarFinance2U
AIM-listed specialist provider of finance facilities to the SME sector, 1pm, said on Wednesday that its subsidiary Academy Leasing has bought Wirral-based motor finance brokerage, CarFinance2U.
Based in West Kirby, the business provides vehicle finance facilities to customers across the UK. It receives credit applications from motor dealerships throughout the UK and sources the most competitive financing rates for their customers from amongst its panel of 13 lenders.
Mark Burgess, who co-founded CarFinance2U with Dan Rothwell in 2011, said: "As part of a much bigger group, we will be able to utilise greater operational resources across all aspects of the business, not least, access to more finance through Academy's panel of additional lenders as well as significant opportunities for cross-selling and the cross-referral of customers.
"We now also have the potential to develop a direct customer offering to complement our existing relationships with our motor dealership network through specialist lead generation and marketing capabilities."
Mike Nolan, founder of Academy Leasing and managing director of 1pm's asset finance division, said: "I'm delighted to welcome Mark and Dan to the group. They have demonstrated their abilities to establish and grow their business rapidly in a competitive market environment, not least as a result of the high quality of service provided to their customers and I can see very considerable opportunities to further develop the business and its customer offering as part of the 1pm group."
Academy Leasing is a Warrington-based vehicle and equipment finance provider.
At 1450 GMT, the shares were down 0.3% to 45.38p.