Gener8 Finance has announced that it has agreed on terms to sell its invoice finance business to 1pm Plc, a stock market listed provider of asset based lending facilities to the UK SME sector.
Asset Finance specialist, 1pm provides asset finance, business loans and related financial products for both hard and soft assets and has a customer base throughout the UK, with offices in Bath, Warrington, Lutterworth and Cardiff. Completion of the acquisition is expected in early June. The Change of ownership will have no impact on the day-to-day running of the business and it will be very much “business as usual”. However being part of a much larger Group, Gener8 will be able to offer a broader range of products to clients as well as access to further funding.
Going forward, the Gener8 business will form an integral part of a new Commercial Finance division within 1pm which will be headed by Edward Rimmer. Rimmer has worked within commercial finance for over 20 years having joined Bibby Financial Services Group in 1995. He spent 5 years as UK CEO and main board director of Bibby Financial Services Limited, achieving significant success including doubling of profits between 2007 and 2011. Ed has known David Richards for over 20 years and has worked directly with Richards over the past 3 months in order to satisfactorily conclude the deal. Continuity of management and client relationships will be key elements in ensuring the successful hand-over of the business and in preserving Gener8’s reputation for outstanding quality of client and introducer service and colleague relations. Ed will also be joining the main PLC Board of 1pm. Following completion, David Richards will remain with Gener8 as a consultant for a six-month period working with Ed Rimmer to ensure a smooth and orderly transition and integration within 1pm.
Edward Rimmer, proposed Managing Director of the Commercial Finance Division and Gener8 CEO, said: “1pm is well established and respected within the SME Asset Finance industry and I am relishing the opportunity to build the new Commercial Finance Division. The division will help significantly expand the Group’s business both by pursuing a wider range of new customers with a more diversified suite of products and by maximising cross-selling opportunities across the Group’s other two divisions.”
David Richards, CEO of Gener8 Finance said “This is an exciting development for Gener8 Finance, our Clients, staff and many business introducers who we have worked with over the years and I am delighted to be working with Ed Rimmer, as he moves the G8 brand on to its next phase of growth. It will allow our clients greater access to other complementary products and services and most importantly it will be business as usual. We have built an enviable reputation for complete service delivery to the UK SME sector, particularly with regard to confidential invoice finance facilities and the integration into the 1pm group will allow us to continue this pace”