Press Release
Bibby Financial Services increases share of small business market with acquisition of Leeds Leasing
Bibby Financial Services, the UK's leading provider of business cash flow solutions, today announces that through its subsidiary Bibby Asset Finance, it has acquired Leeds Leasing, from the Leeds Group plc.
The deal sees Bibby Financial Services acquire the entire share capital of Leeds Leasing from its parent company, currently listed on the Alternative Investments Market. The transaction was completed following approval by the shareholders at an Extraordinary General Meeting held on October 31st.
The acquisition forms part of Bibby Financial Services' ongoing strategy to increase its share in the small business finance sector and further strengthens its position as the leading small business cash flow solutions provider.
All of Leeds Leasing's 6,000 existing finance agreements will be added to the Bibby Financial Services client base, representing a lease book currently valued at £20 million.
The purchase moves Bibby Financial Services, for the first time, into the small ticket leasing sector and provides the company with the skills and presence it requires to further penetrate this fast growing market.
The addition of the Leeds Leasing product portfolio means Bibby Financial Services can now offer a wider range of business finance solutions and can provide funding against a broader range of assets.
Leeds Leasing will continue to trade under its current name, remain in its Yeadon headquarters and retain all of its 26 staff. Carol Roberts, formerly a member of the Leeds Group board, will continue in her role as managing director of Leeds Leasing.
Clients will be able to take advantage of this broader portfolio of products as of November 1st 2005, giving them access to a greater number of cash flow solutions.
David Robertson, chief executive of Bibby Financial Services, says: "Leeds Leasing is a major player in the small ticket leasing sector and forms an important part of our strategy to increase our share of the small business finance market.
"This acquisition will become a key component of the Bibby Financial Services Group and significantly strengthen our product portfolio. We intend to use this broader range of services to increase our share of the small business sector. We therefore welcome the entire Leeds Leasing team into our organisation."
"Our strategy is to continue to build our small business portfolio, and we anticipate further acquisitions as part of this activity."
Carol Roberts, managing director for Leeds Leasing, says: "This is an exciting development and one which will lead to substantial growth for the asset finance side of the company. Our priority over the coming months will be to ensure the smooth integration of Leeds Leasing into the Bibby Financial Services Group."
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