UK-based equipment leasing and asset finance company Shire Leasing has completed the acquisition of Shire Securities Limited (SSL) for an undisclosed sum.
The acquired company is trading as Shire Funding Solutions and Shire Merchant Services.
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Shire Leasing expects this acquisition to bolster its B2B loan offerings and support its growth plans.
The acquisition is a significant step in enhancing the company’s capabilities to meet the evolving financial needs of its business customers, it added.
SSL, a member of the Shire Business Group, is said to have grown consistently since its inception in 2006, led by Mike Phelan.
To facilitate a smooth transition, Shire Leasing chief operating officer (COO) Malcolm Workman has taken on the role of managing director of SSL.
He will work in tandem with Phelan during the integration period to ensure the merging of operations and systems, while continuing his duties as COO at Shire Leasing.
The deal introduces a £6m business loan portfolio into Shire Leasing’s assets, underpinning the company’s growth trajectory.
The acquisition is also a complementary extension of Shire Leasing’s finance solutions, adding SSL’s services to its portfolio.
These services include business loans, merchant cash advance, commercial mortgages, and property development finance.
Workman said: “Market dynamics are continuously changing and the way UK SMEs are choosing to finance their growth plans is evolving. The loan expertise that exists within Shire Securities Limited offers enormous value to additional business that Shire Leasing are looking to write.
“We are excited about the opportunities that lie ahead. The acquisition significantly enhances our capabilities and positions us to deliver even greater value for our customers, driving Shire’s growth in both the asset finance and wider B2B lending markets.”
Earlier in the month, Shire Leasing achieved a milestone in its strategic growth plan, with its gross receivables surpassing £200m.
