13th Feb 2014 11:57
LONDON (Alliance News) - Lender S&U PLC Thursday said it has acquired a new home credit business as it makes good on a statement earlier this month in which it said it would purchase "small but high quality home credit businesses".
S&U, which is a home credit and motor finance lender, said SD Taylor Ltd, its subsidiary, acquired Ambassador Financial Services Ltd's home credit business on Monday. It didn't provide any financial details of the deal.
The business has GBP500,000 in assets and the acquisition was paid for through S&U's existing cash facilities.
"S&U continues to seek home credit acquisitions in line with its strategy of investing in organic growth and careful acquisitions," the company said in a statement.
SD Taylor Managing Director Mike Thompson said: "We continue to expand our home credit operations through acquisition and organic growth. Ambassador Financial Services Ltd is an excellent quality business, which will complement our existing growth in the central belt of Scotland."
S&U shares were Thursday quoted at 1,793 pence, untraded.
By Samuel Agini; [email protected]; @samuelagini
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