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Arbuthnot subsidiary strikes £3.5m acquisition deal
Markets
by Sarah Miloudi on Jan 03, 2013 at 10:09
Arbuthnot's Secure Bank Trust has snapped up alternative lender V12 Group Finance in a £3.5 million deal.
Cardiff-based V12 and its subsidiaries, V12 Retail Finance and V12 Personal Finance, provide retail point of sale loans on an unsecured basis.
Its deal with Arbuthnot's Secure Bank Trust is expected to allow V12 to redeem roughly £7 million of subordinated debt, which is mainly held by venture capitalist Jon Moulton.
It is hoped V12 will expand organically following the acquisition, bolstering retail finance within Secure Bank, which is 70.7% owned by Arbuthnot.
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