Investec buys Liverpool motor finance firm
INVESTEC Asset Finance has acquired Liverpool car finance broker Mann Island Finance for an undisclosed sum.
Mann Island employs more than 140 staff across its four offices in Liverpool, Stirling, Edinburgh and Stevenage.
It was founded in 1991 and was owned by the Liverpool car dealership Robert Smith Group which sold the Mann Island site on Liverpool’s waterfront to the North West Development Agency for £9m in 2002.
Mann Island director John Hughes said: “We’ve known the Investec team for quite some time and have developed strong existing relationships particularly in the commercial vehicle market for light commercial vehicles and heavy goods vehicles which we will now look to develop. There is a great cultural fit between our organisations and we are both excited and delighted to have Investec as our new shareholders.”
Investec vehicle financing division managing director Jo Jenner said: “The acquisition of an established player in the vehicle finance market with a reputation for high integrity and the opportunity to continue working with the existing senior management team at Mann Island represents an excellent opportunity to develop the business as a key part of the wider Investec Asset Finance Group.”
The Manchester office of law firm Addleshaw Goddard advised Investec. The team was led by corporate finance partner Roger Hart and included associates Helena Drury and Rabia Burton and tax partner Michael Hunter.
