A multi-disciplinary team at Walker Morris has advised consumer finance specialists, Non-Standard Finance, on its acquisition of personal loans business, George Banco, from its existing shareholders for an enterprise value of £53.5 million. The acquisition is due to complete in September 2017 and is expected to be earnings enhancing in the first full year following completion.
Since its launch in April 2014, George Banco has grown rapidly to become the number two player in the UK’s growing guaranteed loans market, with a total net loan book of approximately £30 million.
The acquisition has given Non-Standard Finance the scope to continue to develop the business further and to grow profits substantially.
Walker Morris fielded a multi-disciplinary team to support Non-Standard Finance, which was led by corporate partner Debbie Jackson and supported by Simon Cuerden and Oliver Duke from corporate, Jeanette Burgess and Paul Godsmark (regulatory & compliance), Alan Harper (IP), Cameron Baloyi Rigby (real estate) and Lorna Hopps (employment).