ACQUISITION OF Auto Business Solutions Ltd
03 July 2006
The Board of Jelf Group plc, a leading corporate intermediary in the South of England and Wales, announces today that it has acquired Auto Business Solutions Limited ("ABS").
Based in Chippenham, ABS is an asset finance broker employing 5 staff, including managing director John Mitchell who will be retained under the deal.
The exact size and structure of the deal is subject to confidentiality clauses but is in line with market practice. There will be an initial consideration, paid at completion, with additional payments based on performance over the next 2 years. As part of the deal John Mitchell will invest in shares of Jelf Group plc at the current market price.
Commenting on the deal, Alex Alway, Group Chief Executive at Jelf Group plc, said:
"The acquisition of ABS strengthens the Group's newest division, Jelf Commercial Finance ("JCF"), adding knowledge and experience of vehicle and asset finance to our existing property and invoicing finance capabilities. The JCF proposition has been well received by our clients and will play a growing role in our strategy of delivering organic growth by cross-selling a range of complementary services into our client base."
Enquiries:
Alex Alway, Group Chief Executive,
Jelf Group plc
Phil Barton, Group Commercial Director,
Jelf Group plc
01454 272754
Alastair Cade/Jonny Franklin-Adams,
Daniel Stewart & Company plc
020 7776 6550