When Keep sold the business in 2006, the
company was placing receivables of over £30 million per annum.
However, it only managed to place £20 million since it was taken
over by GC.
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The lessor, which wanted to grow its asset
finance portfolio, bought NF for it to act as a sales channel and
Keep was appointed head of asset finance at the group. GC’s
well-publicised problems also hit NF.
“As its founder and ex-owner, it was
embarrassing and frustrating for me to see it suffer,” said Keep.
Because he was increasingly unhappy at GC, he decided to resign
last December.
As it no longer “fit in” with GC’s objectives,
the board proposed that Keep take NF with him, which he accepted.
Thus, on March 16, an SPV set up by Keep paid £1,555 for the entire
share capital of the business.
However, due to a difference in accounting
principles between GC and NF, its new restated accounts show net
shareholder funds of £156,063.
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By GlobalData“Not a bad deal,” Keep said. “But the future
is neither bright nor easy and we have enormous challenges in the
immediate future.”
The company aims to add more funders to its
panel, and is in open discussions with companies such as Hitachi
Capital, One Business Finance and Close Leasing. Keep also plans to
grow the team to 18, and increase receivables to £30 million by the
end of 2010.
