Impact Holdings to buy SPF

SPECIALIST lender Impact Holdings is to buy solicitor lending business Sutherland Professional Funding for £533,000.

Impact, which is based in Manchester, offers short term loans to property and legal markets.

It is offering SPF shareholders 50p a share for around 1.07 million shares, which represents around 48.5% of the enlarged company.
                          
The operations of the two businesses will be merged within Impact Holdings’ Manchester head office.

Impact also said it is in “advanced negotiations” with SPF’s current bankers to fund the ongoing growth of the group.

Tim Sutherland, managing director of SPF, will act on a consultancy basis for the enlarged company, to help with transition.

Meanwhile, SPF director John Russell will join the board of Impact Holdings as a non-executive director.

The deal is subject to shareholder approval and a waiver from the takeovers and mergers panel of the Rule 9 obligation to make a general offer for the company.