Manx Financial Group has acquired a 50.1% stake in Melton Mowbray-based Payment Assist Limited in a £4.2m deal.
Payment Assist was set up by Neil Jeffery and Colin Ellard in 2013 to capitalise on the opportunity in the automotive sector to improve garage customer retention rates by providing a user-friendly method of enabling customers to spread their payments over time. Payment Assist was granted its FCA permission in October 2014.
Following the acquisition, Neil Jeffery and Colin Ellard will remain as directors of Payment Assist, whilst Douglas Grant, Denham Eke and James Smeed will join the board with immediate effect.
Douglas Grant, CEO of the group, said: “We have worked with Payment Assist for over seven years through our banking subsidiary, Conister Bank Limited. During that time, we have developed an ever-closer relationship, so a joint venture was the natural next step to support Payment Assist achieve their growth ambitions.
“Their customer focused, short-term lending products, were in great demand during the pandemic and are equally as relevant today 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.”
Neil Jeffery, Chief Executive Officer of Payment Assist, said: “We are delighted to have completed this transaction and to embark upon this exciting new chapter. Having worked with Conister Bank for a number of years, we are confident that this partnership will enable Payment Assist to continue to grow as one of the leading point-of-sale lenders in the United Kingdom.”
