Former Cattles invoice arm Absolute changes hands again

ABSOLUTE Invoice Finance has changed hands for the second time in as many months.

The Manchester-based SME lender, which in September was bought by private equity house AnaCap Financial Partners for £65m from troubled Leeds-based lender Cattles, has become part of Aldermore Bank.

Aldermore – which is owned by AnaCap – has bought Absolute from AnaCap for an undisclosed sum.

The deal will see the departure of Absolute chief executive Doug Crawford, who will leave after the business is integrated into the bank.

He will be replaced by Ian Wilkins, who takes on the title of managing director invoice finance at Aldermore. He will report to Aldermore chief executive Philip Monks.

Mr Monks said: “This is an important step for Aldermore in its strategic development and represents an exciting opportunity for Absolute to realise its full potential though access to greater funding.

“Both Aldermore and Absolute have ambitious growth plans which are better achieved by joining forces than by approaching our shared market independently.

“Doug has built a strong, sustainable business in the nine years that he has led the company and, while we are disappointed that he will not be joining us in the wider business, we understand his reasons for leaving and wish him well for the future.

“Ian has extensive invoice finance experience and a long tenure with the business, running the northern division, and I am looking forward to working with him and his team.”

Ian Wilkins added: “Our acquisition by AnaCap in September this year put Absolute on a sound financial footing and joining forces with Aldermore enables us to implement our growth plans at an even faster pace than before.

“By extending our product offering and pool of available funding, we will be able to strengthen our position in the market further.”

This deal will not affect the day-to-day running of Absolute or the services it provides to its customers.