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Skipton sells Amber subsidiary to Close
SKIPTON Building Society has sold its loans subsidiary Amber Credit to Close Brothers for an initial £2m.
It plans to merge the firm, which provides short term premium finance to both personal and commercial customers, with its existing premium finance business, Close Premium Finance.
The business was acquired from Skipton for 2m with goodwill arising on acquisition also anticipated to be around 2m.
At the end of February Amber Credit had a loan book of around 65m.
Close Brothers has refinanced all of the group's existing loan facilities.
Close Brothers has also acquired short-term and bridging loan business Commercial Acceptances Group for 31m from its management.
Close Brothers chairman Stephen Hodges said: "These acquisitions fit exceptionally well into the Close Brothers' family.
"We target high quality, focused businesses in areas where we have a solid understanding and presence.
"These deals are good examples of Close Brothers applying its capital and funding strength to grow by investing in highly profitable businesses."
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Friday 25 May 2012
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