16th Apr 2019 12:48
LONDON (Alliance News) - Manx Financial Group PLC on Tuesday completed its Blue Star Business Solutions Ltd deal, but amended some of the terms.
The GBP4.0 million deal was first announced in March 2018, but following a review, Manx is to now only buy "the more resilient and profitable" small and medium sized business portfolio.
"This is in line with the group's strategy to limit its UK consumer exposure by a greater concentration on commercial lending, and by increasing distribution via a consolidation of related UK credit brokers," Manx said.
"As a result, Blue Star will reassign their consumer loans (approximately 10% of their overall income) as part of the transaction. The other principal terms of the purchase contract remain as previously announced."
Manx shares were untraded on Tuesday, last quoted at 8.30 pence each.
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