Manx Financial Group, the holding company providing diversified financial services to the Isle of Man and the United Kingdom, has acquired the remaining 49.9% interest in Leicestershire-based Payment Assist. The Group will now hold 100% of Payment Assist.
On 16 May 2022, the Group announced an agreement to acquire a 50.1% interest in Payment Assist by Manx Ventures, a wholly owned subsidiary. The Group also announced Manx Ventures had entered into an Option to acquire the remaining shareholding in Payment Assist for £5 million at any time for a period of two years after publication by Payment Assist of its audited accounts for the period to 31 December 2024.
Neil Jeffery and Colin Ellard are set to resign as directors of Payment Assist, whilst Group employees James Smeed and Marcus Gregory will remain on the Board of Directors. Mr Jeffrey will be retained on a consultancy arrangement.
Commenting on the acquisition, Douglas Grant, CEO of the Group, said: “We have worked with Payment Assist for over nine years through our banking subsidiary, Conister Bank Limited and held a majority stake in the business for over two years.
“During this time, we have grown the business, and it now makes sound financial sense for the Group to bring forward its opportunity to acquire the remaining shareholding. Payment Assist’s customer focused, short-term lending products remain in great demand during these uncertain economic times.
“This is a major acquisition for the Group, not only in terms of deploying our liquidity safely, but also in continuing to progress our growth strategy in niche markets.”
