Absolute Invoice Finance, sold earlier this year to private equity firm Anacap by Cattles Group, has been sold again to Aldermore Bank, also owned by Anacap.
Aldermore also markets finance facilities to SMEs and the integration will enable Absolute to provide a broader range of specialist financial solutions to existing and prospective customers, as well as strengthening and extending its available pool of funding.
Doug Crawford, chief executive of Absolute, will leave Absolute after the integration of both businesses has been completed and Ian Wilkins will assume the role of managing director, Invoice Finance, with responsibility for the day-to-day running of Absolute.
Wilkins will report to Phillip Monks, chief executive of Aldermore.
Phillip 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 of Absolute said: “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.”
This transaction will not affect the day-to-day running of Absolute or the services it provides to its customers.
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