Independent business funder Cattles Invoice Finance and Cattles Invoice Finance Oxford, are to be sold by embattled sub-prime lender Cattles plc to specialist private equity fund, AnaCap Financial Partners LLP

The deal values the company at £70 million.

Future funding for CIF will be provided by Lloyds TSB Commercial Finance

The transaction is subject to final shareholder approval, and is expected to close in around five weeks

CIF was formed in 1994 and has expanded significantly year-on-year. The company is focused on and has annual client turnover is in excess of £1 billion, with facility sizes ranging from £25,000 to £4 million.

Recently, AnaCap also completed the first ever acquisition by a private equity fund manager of a UK deposit-taking bank, which is now known as Aldermore

It is also backs Base Commercial Mortgages

Peter Cartwright and Andy Wynn, partner and head of credit respectively at AnaCap, will now join CIF’s board, led by chief executive, Doug Crawford

Crawford said: “This deal is welcome news for the clients and staff of Cattles Invoice Finance