Wilmslow asset finance firm sold to Manx Financial

WILMSLOW-based ECF Asset Finance has been sold to Manx Financial Group for an undisclosed sum.

 The company, which was set up in 1991 and employs 16 staff, will continue to trade under its own brand and specialise in financing plant and machinery purchases to SMEs.

Gary Ridsdale, who will remain CEO of ECF Asset Finance, said: “This is truly an exciting chapter for both ECF staff and customers alike. This partnership brings together two independent, well-established brands within the financial lending market.”

Manx Financial Group, which owns the island’s only independent bank, Conister, said the deal broadens its range of finance service businesses.

Denham Eke, CEO of MFG said: “We are delighted to welcome the management and staff of ECF Asset Finance Plc to the Manx Financial Group and look forward to developing a long fruitful working relationship together.

“This is a fantastic opportunity for MFG to establish function within the UK market at a crucial time when many of the prime lenders are re-positioning their business lending strategies.

“Small businesses are the backbone to the UK economy and together with ECF Asset Finance Plc we are able to demonstrate our commitment and support to help businesses meet their growth and competitive objectives”.

ECF Asset Finance was previously part of Mottram Group (Holdings), an independent finance firm which also conducted bridging loans. ECF’s last filed accounts for the year to December 31, 2009 show a pre-tax loss of almost £3.7m on sales of £3.2m.

Law firm Addleshaw Goddard advised ECF Asset Finance on the deal.