Manx Financial Group has acquired ECF Asset Finance in a bid to expand on the UK mainland.
ECF Asset Finance, based in Manchester, will continue to trade using its own brand and to focus sale and leaseback, finance leases and commercial loans.
Denham Eke, chief executive of Manx Financial Group, based in Isle of Man, said: “This is a real opportunity for MFG to further develop our presence within the UK at a crucial time when many of the established lenders are repositioning their business lending strategies. Small businesses are the backbone of any economy and together with ECF we are able to demonstrate our commitment and support to help these businesses meet their objectives”.
Garry Ridsdale, chief executive of ECF Asset Finance, who will continue to run the company, said: “We remain committed to the asset finance market and look forward to working with our new colleagues at MFG in continuing to provide competitive products to businesses of all sizes.”
MFG’s financial services businesses include Conister Bank, pre-paid card payment solutions provider Conister Cards Services and recently acquired Edgewater Associates, a financial advisor.
Conister earlier this year began expansion into the mainland leasing market by hiring two broker managers, Neil Landsborough and Mike Hirst, to develop relationships with leasing brokers in the North West and South West regions respectively.