Syscap snapped up by Wesleyan

SPECIALIST financial services provider Wesleyan has expanded its operation with the acquisition of firm with a Cheshire base.

The Birmingham-based mutual has acquired Syscap Holdings Ltd, from a fund advised by AnaCap Financial Partners. Syscap, which has an office at Gadbrook Park, Northwich is an independent provider of short term business loans, IT leasing and asset finance.

The terms of the acquisition have not been disclosed.

Wesleyan, which supplies services to doctors, dentists, lawyers and teachers, said the deal strengthened its position in the short term loans market and extended its range of commercial services to include the provision of IT leasing and asset finance.
 
Craig Errington, Wesleyan’s chief executive said: “This is an exciting acquisition for us; Syscap is a strong, successful business that operates in professional markets very similar to our own.  They also have the same strong focus on quality specialist service, based on a real understanding of their customers’ needs.  There is a great synergy with the services we currently offer through Wesleyan Bank where we already have a successful short term loans business.
 
“This is good news for our customers who will now have access to an increased range of business finance and leasing options through Wesleyan, as well as being able to meet their personal financial needs.”
 
Philip White, who has been with the company since 1993, remains at Syscap as managing director.
 
He commented: “It’s great that we are becoming part of an organisation that has a real understanding of the work we do in the professions and IT leasing space. Wesleyan is one of the UK’s financially strongest mutuals with a great heritage and a keen eye on the future.  It’s an exciting time for Syscap to be joining the group as Wesleyan continues on its programme of growth.”
 
Syscap’s 69 staff will remain based in their current offices in Surrey and Northwich.