UK lessor Investec Asset Finance has acquired commercial and consumer motor finance brokerage Mann Island Finance for an undisclosed fee.

Jo Jenner, managing director of Investec’s vehicle finance arm, said the deal was part of the firm’s strategy to develop its asset finance offering.

"The acquisition of an established player in the vehicle finance market with a reputation for high integrity and the opportunity to continue working with the existing senior management team at Mann Island represents an excellent opportunity to develop the business as a key part of the wider Investec Asset Finance Group."

Mann Island has offices in Liverpool, Stirling, Edinburgh and Stevenage and employs more than 140 staff, according to the firm’s website.

The company has a panel of 25 lenders and offers hire purchase, personal loan and personal contract purchase deals to consumers through car dealerships as well commercial vehicle finance options for corporate customers.

In December 2013, John Hughes, director of Mann Island, was voted into the list of the 50 most powerful people in UK car finance by readers of Motor Finance.

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Hughes said: "We’ve known the Investec team for quite some time and have developed strong existing relationships particularly in the commercial vehicle market for LCV’s & HGV’s which we will now look to develop.

"At the same time, we will also continue to evolve our highly successful finance brokering business which has been the foundation of our success for so many years".

"An evolving regulatory environment now overseen by the FCA requires ever more professional and well managed customer focused businesses and, being part of an organisation like Investec, will assist us in delivering that together with best in class customer service".

Investec had previously acquired asset finance brokerage Leasedirect Finance in 2010 before selling its stake at the end of 2013.