Leicestershire finance firm sold for £2.75m

A Lutterworth asset and invoice finance firm has been sold to a Bath rival.

Bradgate Business Finance (BBFL) has been bought by 1pm in a deal worth £2.75m.

For the year ending 31st January 2016 BBFL recorded a profit before tax and after dividends of £370,000 on turnover of £1.36 million.

BBFL will continue to operate under its own name after the deal has completed.

Richard Arnold, managing director of BBFL said: “We are delighted to have this opportunity to take Bradgate Business Finance to the next stage in its development.

“This transaction will enable the business to grow significantly as part of the 1pm plc group, allowing us to join forces with 1pm and Academy to create a strong combined business, whilst continuing to build on the successful foundations we have laid within our own particular sectors of expertise.”