TIDMCBG
RNS Number : 9788M
Close Brothers Group PLC
20 September 2023
Close Brothers announces agreement to acquire Bluestone
Motor Finance
--------------------------------------------------------
20 September 2023
Embargoed for release until 7.00 am on 20 September 2023
Close Brothers Group plc ("the group" or "Close Brothers") today
announces that it has reached an agreement to acquire Bluestone
Motor Finance (Ireland) DAC (Bluestone Motor Finance), a provider
of motor finance in Ireland in a cash deal. The transaction is
expected to complete in Q4 2023. Bluestone Motor Finance has
originated over EUR450 million since inception in 2014 and had
loans under management of EUR132 million at 31 December 2022.
The transaction is aligned with the group's commitment to
Ireland as a strategic market and represents an important milestone
in our commitment to delivering disciplined growth in our Retail
business.
Adrian Sainsbury, Group Chief Executive, said: "I am delighted
to announce this transaction. Bluestone Motor Finance has delivered
impressive growth and will complement our Motor Finance presence in
the UK and Ireland, a strategic growth market for the group. We
would like to welcome Donal and the team to Close Brothers and look
forward to working together to further expand our presence in the
Irish market."
Bluestone Group's Managing Director, Peter McGuinness, said: "We
are very pleased to have agreed terms for the sale of Bluestone
Motor Finance to Close Brothers. Under their ownership, we are
confident the business will continue to flourish, delivering strong
outcomes to the increasing number of customers looking for
efficient and flexible solutions to buy a car. Donal Murphy and his
team have built a progressive, market leading business in Ireland,
and I would like to wish them well in this exciting new chapter.
Post completion, we look forward to continuing our relationship
with Bluestone Motor Finance and building a new relationship with
Close Brothers via our technology business, Fignum."
The press release issued by our Motor Finance business with
further details on Bluestone Motor Finance has been enclosed in
this announcement for reference.
Enquiries
Sophie Gillingham Close Brothers Group plc 020 3857 6574
Camila Sugimura Close Brothers Group plc 020 3857 6577
Kimberley Taylor Close Brothers Group plc 020 3857 6233
Sam Cartwright Maitland 07827 254561
Cautionary Statement
Certain statements included within this announcement may
constitute "forward-looking statements" in respect of the group's
operations, performance, prospects and/or financial condition.
Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as
"anticipates", "aims", "due", "could", "may", "will", "should",
"expects", "believes", "intends", "plans", "potential", "targets",
"goal" or "estimates". By their nature, forward-looking statements
involve a number of risks, uncertainties and assumptions and actual
results or events may differ materially from those expressed or
implied by those statements. Accordingly, no assurance can be given
that any particular expectation will be met and reliance should not
be placed on any forward-looking statement. Additionally,
forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or
activities will continue in the future. Except as may be required
by law or regulation, no responsibility or obligation is accepted
to update or revise any forward-looking statement resulting from
new information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast. This
announcement does not constitute or form part of any offer or
invitation to sell, or any solicitation of any offer to subscribe
for or purchase any shares or other securities in the company or
any of its group members, nor does it constitute a recommendation
regarding the shares or other securities of the company or any of
its group members. Past performance cannot be relied upon as a
guide to future performance and persons needing advice should
consult an independent financial adviser or other professional.
Statements in this announcement reflect the knowledge and
information available at the time of its preparation. Liability
arising from anything in this announcement shall be governed by
English law. Nothing in this announcement shall exclude any
liability under applicable laws that cannot be excluded in
accordance with such laws.
PRESS RELEASE ISSUED BY CLOSE BROTHERS MOTOR FINANCE
Close Brothers acquires Bluestone Motor Finance in Ireland
Close Brothers has today (20 Sept, 23) reached an agreement to
acquire Bluestone Motor Finance, a motor finance specialist in
Ireland.
Close Brothers Motor Finance has over a decade of experience in
the Irish market, having helped over 130,000 customers finance
vehicles. The business is committed to growth in the Irish motor
market and has focussed on acquiring a business that not only
shares Close Brothers' values, but also its high standards of
service for dealer partners and customers.
Bluestone Motor Finance is a business with a strong management
team and a specialist lending approach that aligns with the Close
Brothers Motor Finance offering. It has an established distribution
network of over 650 dealer partners and an experienced sales and
underwriting team, focusing on the prime and specialist segments of
the Irish motor finance market. Customers score the offering
'Excellent' on Trustpilot.
Bluestone Motor Finance, like Close Brothers Motor Finance, has
invested in its digital capabilities and its online application
offering is industry-leading in Ireland, while partnerships with
online car distribution platforms like DoneDeal and CarsIreland.ie
provide substantial routes to market.
Seán Kemple, CEO of Motor UK and Retail Finance Ireland, Close
Brothers, said: "Investing further in the motor finance market in
Ireland has been a strategic priority for Close Brothers. We've
been carefully considering our re-entry options to acquire a
business that fits with our values, is forward thinking, and offers
a stand-out level of service. Bluestone Motor Finance is the right
business. We are impressed with their experienced management team,
strong dealer base, leading tech capabilities, and established
routes to market.
We have a track record of supporting the growth of our dealer
partners and going the extra mile to help customers finance the
right vehicle for them. We're excited about expanding the Close
Brothers brand, our expertise, and our product range, to the Irish
market - with products we know customers and dealers want and
value.
It's a real pleasure to welcome Donal and his impressive team to
Close Brothers and I am excited about the future potential of
working together to further grow in the Irish market."
Donal Murphy, Managing Director at Bluestone Motor Finance said:
" Since 2014, we have built a strong, award-winning motor finance
business in Ireland. We've successfully developed our presence and
relationships with Irish dealers, digital partners and brokers.
Combining digital expertise with the personal touch has allowed us
to pivot our approach as appropriate, accelerate our offering and
provide financial solutions to more drivers nationwide. Today we
join a company with deep history and experience in the Irish and UK
motor finance industry, and we look forward to the opportunities
ahead of us in the Irish market. We believe that Bluestone Motor
Finance, 'the motor finance people', being acquired by Close
Brothers will enable us to offer a wider product range to both car
buyers and motor dealers."
S
Notes to editors
Media enquiries - Teamspirit
closebrothersmotorfinance@teamspirit.uk.com
About Close Brothers Motor Finance
Close Brothers Limited, part of Close Brothers Group plc, has
been helping people to purchase vehicles across the UK and Ireland
for over 30 years. Close Brothers Limited, under the trading name
Close Brothers Motor Finance, work in partnership with over 8,000
motor dealers, and specialise in financing new and used cars,
motorbikes, and light commercial vehicles.
Close Brothers Group plc is a leading UK merchant banking group
providing lending, deposit taking, wealth management services, and
securities trading. We employ over 4,000 people, principally in the
UK and Ireland. Close Brothers Group plc is listed on the London
Stock Exchange and is a constituent of the FTSE 250.
In the UK Close Brothers Motor Finance won the Innovation Award
at the 2022 Car Finance Awards, the Car Dealer Power Award in 2023
for Finance Provider of the Year (Prime) for the fifth time in a
row and was winner of the Best Business Motor Finance Provider at
the Business Moneyfacts 2023 awards.
About Bluestone Investment Holdings Limited (Bluestone
Group)
Bluestone Investment Holdings Limited (Bluestone Group) is an
innovative European financial services business with its
headquarters in Cambridge and offices in Sheffield and Dublin.
Founded in 2000, Bluestone employs a team of around 100
professionals and specialises in loan origination, financial
services technology, consumer loan purchase and portfolio
servicing. The business is owned by a mix of private and
institutional shareholders including interests associated with
founder, Mr Alistair Jeffery, Australia's Macquarie Bank Limited
and the management team.
Further information can be found at www.bluestone.co.uk
About Bluestone Motor Finance
Bluestone Motor Finance is an innovative specialist lender
providing motor finance solutions to consumers and SMEs in Ireland.
Established in 2014, Bluestone Motor Finance is an award-winning
business with a best-in-class digital offering and diversified
routes to market. It has successfully originated c.EUR450 million+
of loans and developed a network of over 650 franchised and
independent motor dealers supporting their end-to-end online
offering.
Bluestone Motor Finance won the Process Improvement and
Intelligent Automation Award at the Asset Finance Connect 2021
Awards and was the winner of the coveted Customer Journey
Excellence Award at the Asset Finance Connect Summer Awards 2022.
Bluestone Motor Finance are finalists for the eCommerce Innovation
Award in the upcoming Irish eCommerce Awards 2023.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQEAKNNFSXDEFA
(END) Dow Jones Newswires
September 20, 2023 02:00 ET (06:00 GMT)
Close Brothers (LSE:CBG)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Close Brothers (LSE:CBG)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024