Speedy Cash Corp moves for Wage Day Advance

SHORT-term loan provider Wage Day Advance has been acquired by Speedy Cash Corp, a provider of alternative financial services products based in the United States.

Skipton-based Wage Day Advance employs around 150 staff.

Founded by entrepreneur Dale Chapman in 2001, the sale has allowed Mr Chapman and other shareholders to realise their investment.

Speedy Cash Corp will now look to develop the next phase of the company’s growth plan.

Expansion plans include further growth in the UK and the development of the company’s online offer.

Mr Chapman, who will continue to run the business, said: “The payday lending market continues to evolve and this will bring many opportunities. With its entrepreneurial style, scale of operations and technical know-how, Speedy is the perfect partner with whom to explore these opportunities and accelerate our growth.”

Debbie Jackson, Corporate Partner at Walker Morris, who acted as legal advisors, added: “We were pleased to be able to play our part in this major international acquisition for the region.

“The completion of this deal in such a short timescale not only demonstrates our experience and reputation in this market but also the ability of the professional advisers to work closely together as a team.”

KPMG Corporate Finance also advised on the deal.