Non-Standard Finance Closes GBP 53.5m Acquisition of UK Guaranteed Loan Specialist George Banco.
M2 EQUITYBITES-August 21, 2017-Non-Standard Finance Closes GBP 53.5m Acquisition of UK Guaranteed Loan Specialist George Banco
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21 August 2017 - UK-based non-standard consumer finance company Non-Standard Finance plc (LSE: NSF) has closed the acquisition of UK-based finance company George Banco, the company said.
The price is GBP 53.5m (USD 69.81m) in cash. This deal was announced on 3 August. At that time it was expected to close in September.
Having launched in April 2014, George Banco has grown to become the number two player in the UK's growing guaranteed loans market, with a total net loan book of approximately GBP 30m.
Together with TrustTwo, the group had a combined guaranteed loan book of around GBP 40m as at 30 June 2017, representing approximately 20% of the enlarged group total
The acquisition is expected to be earnings enhancing in the first full year post-acquisition.
In the 12 months to 31 May 2017, George Banco generated revenue of GBP 9.3m and EBITDA of GBP 4.1m.
Non-Standard Finance is a UK-based consumer finance company that provides home credit under the brands Loans at Home and Everyday Loans.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Aug 21, 2017|
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