Short-term lender Amicus Finance Plc, which recently rebranded from Capital Bridging Finance Ltd, has announced the acquisition of City-based brokerage Norton Folgate Capital Group Limited including Norton Folgate Capital Consulting LLP for an undisclosed sum.
Amicus has secured an initial stake of 75% in Norton Folgate Capital Consulting LLP with the remaining 25% being held by the incumbent partners.
It has signalled its intent to build the Norton Folgate business over the next five years to become a strong and sustainable provider in the areas of SME asset finance and leasing, HNWI financing and SME business loans.
Norton Folgate will continue to operate as a significant brokerage as well as a principal provider of the products outlined.
Robert Keep, founder and principal of Norton Folgate, said: “Norton Folgate has been a well-regarded asset finance business since 1996 and has placed asset finance, leasing and loan receivables worth around £400 million. This transaction enables us to remain customer centric and committed to the direct to market channel but also work with a very small number of brokers and other finance companies wishing to syndicate deals.
“We are now in a good position to leverage the considerable financial and infrastructure resources of Amicus alongside our experience and expertise, allowing us to provide an excellent service to our clients. We are delighted to have completed this transaction and now look forward to continuing to build Norton Folgate as a strong and committed force in the broking community as well as to enabling transactions as a principal serving the business and HNWI communities.”
John Jenkins, CEO of Amicus Plc, said: “We have been building a specialist, short term lending business for several years and we see Norton Folgate as a strategic extension to our operations. We are very much looking forward to working with Robert Keep and his team to build this new business.”
