Independent invoice finance provider, Bibby Financial Services (BFS), has acquired Aldermore’s working capital finance division.
The move will see working capital finance clients and colleagues integrate into BFS operations over the coming weeks.
Derek Ryan (pictured), UK managing director of Bibby Financial Services, said: “We are delighted to announce the acquisition of Aldermore’s working capital finance division by BFS.
“Working capital finance is a strong business with fantastic people and quality clients so it represents a strong strategic fit for BFS. This is a key milestone in our BFS 4.0 strategy which will see us grow our support for SMEs organically and through acquisition.”
Tim Boag, managing director for Business Finance at Aldermore, added: “Key to this transaction was finding a buyer who wants to invest in the business over the long term and shared our values and commitment to our clients and colleagues alike. In BFS we’ve done this and we’re happy to have found a good home for this business.”
Ryan added: “BFS is in growth mode and this is a fantastic example of our commitment to supporting UK SMEs. We’re delighted to welcome new colleagues into the family, and look forward to working with new clients and brokers too.”