Close Brothers Group has acquired the invoice financing business
of GMAC Commercial Finance Limited, the company has announced.
The British merchant bank, which owns Close Asset
Finance, has bought the invoice financing loan book of GMAC for a
maximum of £98 million (€109 million).
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As part of the acquisition, 23 staff will transfer over to Close
Brothers.
The business will be integrated into Close Brothers’ existing
factoring and invoice discounting business, Close Invoice Finance –
headed by David Thomson – by the end of July 2010.
Close Brothers’ MD Stephen Hodges said that the acquisition
“adds further scale to our invoice finance operations and allows us
to leverage our market experience and funding strength to create
value for our shareholders.”
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