4th August 2017
A multi-disciplinary Team at Walker Morris has advised consumer finance specialists, Non-Standard Finance, on its acquisition of personal loans business, George Banco, from its existing shareholders for an enterprise value of £53.5 million. The acquisition is due to complete in September 2017 and is expected to be earnings enhancing in the first full year following completion.
Since its launch in April 2014, George Banco has grown rapidly to become the number two player in the UK’s growing guaranteed loans market, with a total net loan book of approximately £30 million.
The acquisition has given Non-Standard Finance the scope to continue to develop the business further and to grow profits substantially.
Walker Morris fielded a multi-disciplinary team to support Non-Standard Finance, which was led by Corporate partner Debbie Jackson and supported by Simon Cuerden and Oliver Duke from Corporate, Jeanette Burgess (Regulatory & Compliance), Alan Harper (IP), Cameron Baloyi Rigby (Real Estate) and Lorna Hopps (Employment).
John van Kuffeler, Group Chief Executive commented:
“George Banco represents a transformative acquisition for the Group, putting Non-Standard Finance into the clear number two position in the fast-growth guaranteed loans segment. Complementing our existing TrustTwo brand, George Banco provides us with real scale and an opportunity to grow even faster.
“With leading positions in each of our chosen segments, we now have a stable, long-term funding platform from which we can finance our growth plans. We will continue to seek strategic opportunities in the UK’s non-standard finance sector that meet our stringent criteria for growth and return on assets.”
Debbie Jackson, Partner at Walker Morris added:
“We are delighted to have advised Non-Standard Finance on its acquisition of George Banco. George Banco is a great fit culturally and strategically for Non-Standard Finance and provides the business with the opportunity to achieve its future goals and growth strategy. The acquisition reinforces Non-Standard Finances’ significant reach in the guaranteed loans market and moves them into the number two position in the UK market.”