Castle Trust Capital plc (CTC) has entered into an agreement to acquire Omni Capital Retail Finance Limited “Omni Capital). Completion of the transaction is expected during the first quarter of 2017 and is subject to the approval of the Financial Conduct Authority.

Sean Oldfield, CTC’s chief executive officer, said: “The Omni Capital Retail Finance business is an excellent opportunity to acquire a business that provides online retail point-of-sale finance. Its portfolio of retailers creates a unique franchise in the market. The business being acquired has an experienced management team with extensive experience in the online retail point-of-sale sector.”

Omni Capital’s Colin Sanders said “CTC shares our vision and appetite for growth. Its proposed acquisition of Omni Capital is good news for the business, the management and employees. Under new ownership, we will have access to both fresh capital and efficient alternative debt funding and will benefit considerably from CTC’s significant infrastructure and resources.”

Sanders confirmed the business will stay in Watford and that the current Omni Capital management team will remain in place to ensure a smooth transfer of ownership and the continued successful management of its operations. Omni Capital’s sister business, the real estate lender Fortwell Capital, is unaffected by this announcement.