Greenaway Scott advises on £1 million acquisition of Cardiff finance company
Wednesday 15th March 2017
Specialist business advisory firm Greenaway Scott has overseen the major £1 million acquisition of Cardiff finance company Intelligent Loans (Ltd).
Greenaway Scott, which specialises in advising the life science, technology, pharmaceutical and IT sectors, has worked with Intelligent Loans, trading as iLoans, to ensure its smooth acquisition by asset finance management company 1PM (plc).
The deal, which is estimated to be worth up to £2 million, will enable 1PM to provide a wider range of loan services to SME's with the establishment of a new loans division.
Founder of iLoans Robert Coles, who will remain as a director alongside fellow founder Alun Winter, said: "We are delighted to have completed and to be part of the team with 1PM.
"We would also very much like to thank the team at Greenaway Scott for achieving completion ahead of time.
"The synergy with the Intelligent Loans business and culture is enormous, and we are pleased to have reached completion with 1PM. We are equally excited to continue to develop the business and its opportunities as part of the larger group."
The deal with specialist broker iLoans, which deals in mortgages, bridging finance, commercial lending and secured loans, closed with a completion price of just over £1,150,000 with a further £800,000 payable contingent on its projected profits between now and May 2019.
Matt Sutton, operations director of Greenaway Scott, said: "We are pleased to have completed ahead of schedule, and to have achieved this result with our long-standing client Intelligent Loans."