Press Releases
Bibby Financial Services increases share of small business market with
acquisition of Leeds Leasing
Bibby Financial Services, the UK's leading provider of business cash flow
solutions, today announces that through its subsidiary Bibby Asset Finance,
it has acquired Leeds Leasing, from the Leeds Group plc.
The deal sees Bibby Financial Services acquire the entire share capital of
Leeds Leasing from its parent company, currently listed on the Alternative
Investments Market. The transaction was completed following approval by the
shareholders at an Extraordinary General Meeting held on October 31st.
The acquisition forms part of Bibby Financial Services' ongoing strategy to
increase its share in the small business finance sector and further
strengthens its position as the leading small business cash flow solutions
provider.
All of Leeds Leasing's 6,000 existing finance agreements will be added to
the Bibby Financial Services client base, representing a lease book
currently valued at £20 million.
The purchase moves Bibby Financial Services, for the first time, into the
small ticket leasing sector and provides the company with the skills and
presence it requires to further penetrate this fast growing market.
The addition of the Leeds Leasing product portfolio means Bibby Financial
Services can now offer a wider range of business finance solutions and can
provide funding against a broader range of assets.
Leeds Leasing will continue to trade under its current name, remain in its
Yeadon headquarters and retain all of its 26 staff. Carol Roberts, formerly
a member of the Leeds Group board, will continue in her role as managing
director of Leeds Leasing.
Clients will be able to take advantage of this broader portfolio of
products as of November 1st 2005, giving them access to a greater number of
cash flow solutions.
David Robertson, chief executive of Bibby Financial Services, says: "Leeds
Leasing is a major player in the small ticket leasing sector and forms an
important part of our strategy to increase our share of the small business
finance market.
"This acquisition will become a key component of the Bibby Financial
Services Group and significantly strengthen our product portfolio. We
intend to use this broader range of services to increase our share of the
small business sector. We therefore welcome the entire Leeds Leasing team
into our organisation."
"Our strategy is to continue to build our small business portfolio, and we
anticipate further acquisitions as part of this activity."
Carol Roberts, managing director for Leeds Leasing, says: "This is an
exciting development and one which will lead to substantial growth for the
asset finance side of the company. Our priority over the coming months
will be to ensure the smooth integration of Leeds Leasing into the Bibby
Financial Services Group."
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