Asset finance provider Maxxia UK has acquired Newcastle-based point-of-sale car finance broker Eurodrive Motor Finance in a bid to extend its UK presence.

This latest acquisition adds to Australian company McMillan Shakespeare’s UK expansion following 2013’s CLM Fleet Management acquisition and the purchase of Anglo Scottish Asset Finance in 2015.

Eurodrive operates through 400 franchised and independent new and used car dealers, mostly from Central Scotland to South Yorkshire, and employs 33 staff.

Roger Skinner, chief executive officer of Maxxia, promised “minimal disrupton” to the business, as the group confirmed that Eurodrive’s managing director Stephen Dixon and chief financial officer Derek Goodsir would remain following the acquisition.

Skinner said: “This new relationship will further enhance our position as the trusted partner for asset financing. From a dealer and customer experience perspective, it will be very much business as usual.”

Dixon said: “We are delighted to be joining the Maxxia group of companies in this stage of our development. The connection to Maxxia will enable us to improve our offering in a number of areas.

“We have worked hard to find the right business partners, and now with Maxxia that has resulted in an outcome that is great news for our customers, employees and dealers.”