LONDON, UK: Manx Financial Group has bought 10% of the issued share capital of Rivers Finance Group Plc through its wholly owned subsidiary, Bradburn Limited.
The shares have been allotted to Bradburn at no cost and credited as fully paid up. Rivers Finance is the holding company for Rivers Leasing plc.
Rivers Finance, founded in 2002, operates a number of subsidiaries from its base in Harrow, Greater London. These subsidiaries offer leasing, hire purchase and business loans, including supplier finance, for a wide range of assets and commercial equipment to UK SMEs. Rivers Finance has been listed in the Financial Times 1000 Europe’s Fastest Growing Companies for the last four years.
As part of the transaction, Bradburn has been granted two warrants to acquire further shares. The first warrant is for 5% of the share capital, and the second warrant is for a further 5% of the share capital.
The second warrant is dependent upon contracting for an Integrated Wholesale Funding Agreement with the Group’s banking subsidiary, Conister Bank Limited (“Bank”). Currently, the subsidiaries of Rivers Finance benefit from banking facilities totalling £6.25 million from the Bank.
This increase in shareholding continues the Group’s strategy of developing the Bank’s own network of specialist lenders to resilient market sectors in the UK.
Manx Financial Group PLC
7.80 GBX 0.00 (0.00%)today
8 Jun, 4:30 pm GMT+1 · Disclaimer
LON: MFX