Cattles sells invoice discount business

Published on

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

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...