The UK’s largest independent invoice finance provider, Bibby Financial Services (BFS), has acquired Aldermore’s Working Capital Finance division for an undisclosed amount.
Working Capital Finance clients and colleagues will integrate into BFS operations over the coming weeks.
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In a press release, Derek Ryan (pictured), UK managing director of Bibby Financial Services, said:
“We are delighted to announce the acquisition of Aldermore’s Working Capital Finance division by BFS […] This is a key milestone in our BFS 4.0 strategy.”
Tim Boag, managing director for business finance at Aldermore said: “Key to this transaction was finding a buyer who wants to invest in the business over the long term and shared our values and commitment to our clients and colleagues alike.”
The transaction will see BFS become one of the largest providers of construction finance.
Ryan said: “We’re delighted to welcome new colleagues into the family..”
