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Loan firm joins Cumberland Building Society.

A DEAL has been secured to transfer car loan firm H&H Borderway Finance to Cumberland Building Society.

The move sees the Carlisle-based organisation, which will be known as Borderway Finance Ltd, operate as a subsidiary of the building society.

All existing loans will remain with H&H Group Plc, with Borderway Finance Ltd collecting payments on its behalf.

John Leveson, deputy chief executive of Cumberland Building Society, said: "As the largest independent finance company based in Cumbria, Borderway Finance provides a significant and logical extension to the wide range of financial services already provided by Cumberland Building Society.

"The profitability of Borderway Finance will also add to the financial strength of the Cumberland Group.

"This is an exciting development which will enable the building society to use the skills and knowledge of the Borderway Finance staff to build upon the past successes of the H&H Borderway Finance business."

No jobs will be lost in the move, which will see some employees transferred to Cumberland Building Society.

Brian Richardson, chief executive of H&H Group Plc, said: "I am pleased that we have been able to agree a transfer of the business to Cumberland Building Society which will allow the first class team at Borderway Finance to continue to grow the operation in the future as part of a very respected and established financial institution."
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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Apr 7, 2014
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