REG - Close Bros Grp PLC - Acquisition

Close BrothersAnnouncement

20/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230920:nRST9788Ma&default-theme=true

RNS Number : 9788M  Close Brothers Group PLC  20 September 2023

 

 

 
 

 Close Brothers announces agreement to acquire Bluestone Motor Finance
 20 September 2023

Embargoed for release until 7.00 am on 20 September 2023

Close Brothers Group plc ("the group" or "Close Brothers") today announces
that it has reached an agreement to acquire Bluestone Motor Finance (Ireland)
DAC (Bluestone Motor Finance), a provider of motor finance in Ireland in a
cash deal. The transaction is expected to complete in Q4 2023. Bluestone Motor
Finance has originated over €450 million since inception in 2014 and had
loans under management of €132 million at 31 December 2022.

The transaction is aligned with the group's commitment to Ireland as a
strategic market and represents an important milestone in our commitment to
delivering disciplined growth in our Retail business.

Adrian Sainsbury, Group Chief Executive, said: "I am delighted to announce
this transaction. Bluestone Motor Finance has delivered impressive growth and
will complement our Motor Finance presence in the UK and Ireland, a strategic
growth market for the group. We would like to welcome Donal and the team to
Close Brothers and look forward to working together to further expand our
presence in the Irish market."

Bluestone Group's Managing Director, Peter McGuinness, said:  "We are very
pleased to have agreed terms for the sale of Bluestone Motor Finance to Close
Brothers. Under their ownership, we are confident the business will continue
to flourish, delivering strong outcomes to the increasing number of customers
looking for efficient and flexible solutions to buy a car. Donal Murphy and
his team have built a progressive, market leading business in Ireland, and I
would like to wish them well in this exciting new chapter. Post completion, we
look forward to continuing our relationship with Bluestone Motor Finance and
building a new relationship with Close Brothers via our technology business,
Fignum."

The press release issued by our Motor Finance business with further details on
Bluestone Motor Finance has been enclosed in this announcement for reference.

 

Enquiries

Sophie
Gillingham                                Close
Brothers Group plc
020 3857 6574

Camila
Sugimura                                 Close
Brothers Group plc
020 3857 6577

Kimberley Taylor
                                 Close
Brothers Group plc
020 3857 6233

Sam
Cartwright
Maitland
07827 254561

 

Cautionary Statement

Certain statements included within this announcement may constitute
"forward-looking statements" in respect of the group's operations,
performance, prospects and/or financial condition. Forward-looking statements
are sometimes, but not always, identified by their use of a date in the future
or such words as "anticipates", "aims", "due", "could", "may", "will",
"should", "expects", "believes", "intends", "plans", "potential", "targets",
"goal" or "estimates". By their nature, forward-looking statements involve a
number of risks, uncertainties and assumptions and actual results or events
may differ materially from those expressed or implied by those statements.
Accordingly, no assurance can be given that any particular expectation will be
met and reliance should not be placed on any forward-looking statement.
Additionally, forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or activities will
continue in the future. Except as may be required by law or regulation, no
responsibility or obligation is accepted to update or revise any
forward-looking statement resulting from new information, future events or
otherwise. Nothing in this announcement should be construed as a profit
forecast. This announcement does not constitute or form part of any offer or
invitation to sell, or any solicitation of any offer to subscribe for or
purchase any shares or other securities in the company or any of its group
members, nor does it constitute a recommendation regarding the shares or other
securities of the company or any of its group members. Past performance cannot
be relied upon as a guide to future performance and persons needing advice
should consult an independent financial adviser or other professional.
Statements in this announcement reflect the knowledge and information
available at the time of its preparation. Liability arising from anything in
this announcement shall be governed by English law. Nothing in this
announcement shall exclude any liability under applicable laws that cannot be
excluded in accordance with such laws.

 

PRESS RELEASE ISSUED BY CLOSE BROTHERS MOTOR FINANCE

Close Brothers acquires Bluestone Motor Finance in Ireland

Close Brothers has today (20 Sept, 23) reached an agreement to acquire
Bluestone Motor Finance, a motor finance specialist in Ireland.

Close Brothers Motor Finance has over a decade of experience in the Irish
market, having helped over 130,000 customers finance vehicles. The business is
committed to growth in the Irish motor market and has focussed on acquiring a
business that not only shares Close Brothers' values, but also its high
standards of service for dealer partners and customers.

Bluestone Motor Finance is a business with a strong management team and a
specialist lending approach that aligns with the Close Brothers Motor Finance
offering. It has an established distribution network of over 650 dealer
partners and an experienced sales and underwriting team, focusing on the prime
and specialist segments of the Irish motor finance market. Customers score the
offering 'Excellent' on Trustpilot.

Bluestone Motor Finance, like Close Brothers Motor Finance, has invested in
its digital capabilities and its online application offering is
industry-leading in Ireland, while partnerships with online car distribution
platforms like DoneDeal and CarsIreland.ie provide substantial routes to
market.

 

Seán Kemple, CEO of Motor UK and Retail Finance Ireland, Close Brothers,
said: "Investing further in the motor finance market in Ireland has been a
strategic priority for Close Brothers. We've been carefully considering our
re-entry options to acquire a business that fits with our values, is forward
thinking, and offers a stand-out level of service. Bluestone Motor Finance is
the right business. We are impressed with their experienced management team,
strong dealer base, leading tech capabilities, and established routes to
market.

We have a track record of supporting the growth of our dealer partners and
going the extra mile to help customers finance the right vehicle for them.
We're excited about expanding the Close Brothers brand, our expertise, and our
product range, to the Irish market - with products we know customers and
dealers want and value.

It's a real pleasure to welcome Donal and his impressive team to Close
Brothers and I am excited about the future potential of working together to
further grow in the Irish market."

 

Donal Murphy, Managing Director at Bluestone Motor Finance said: "Since 2014,
we have built a strong, award-winning motor finance business in Ireland. We've
successfully developed our presence and relationships with Irish dealers,
digital partners and brokers. Combining digital expertise with the personal
touch has allowed us to pivot our approach as appropriate, accelerate our
offering and provide financial solutions to more drivers nationwide. Today we
join a company with deep history and experience in the Irish and UK motor
finance industry, and we look forward to the opportunities ahead of us in the
Irish market. We believe that Bluestone Motor Finance, 'the motor finance
people', being acquired by Close Brothers will enable us to offer a wider
product range to both car buyers and motor dealers."

ENDS

Notes to editors   

Media enquiries - Teamspirit

closebrothersmotorfinance@teamspirit.uk.com

About Close Brothers Motor Finance 

Close Brothers Limited, part of Close Brothers Group plc, has been helping
people to purchase vehicles across the UK and Ireland for over 30 years. Close
Brothers Limited, under the trading name Close Brothers Motor Finance, work in
partnership with over 8,000 motor dealers, and specialise in financing new and
used cars, motorbikes, and light commercial vehicles.    

Close Brothers Group plc is a leading UK merchant banking group providing
lending, deposit taking, wealth management services, and securities trading.
We employ over 4,000 people, principally in the UK and Ireland. Close Brothers
Group plc is listed on the London Stock Exchange and is a constituent of the
FTSE 250.  

In the UK Close Brothers Motor Finance won the Innovation Award at the 2022
Car Finance Awards, the Car Dealer Power Award in 2023 for Finance Provider of
the Year (Prime) for the fifth time in a row and was winner of the Best
Business Motor Finance Provider at the Business Moneyfacts 2023 awards. 

About Bluestone Investment Holdings Limited (Bluestone Group)

Bluestone Investment Holdings Limited (Bluestone Group) is an innovative
European financial services business with its headquarters in Cambridge and
offices in Sheffield and Dublin.

Founded in 2000, Bluestone employs a team of around 100 professionals and
specialises in loan origination, financial services technology, consumer loan
purchase and portfolio servicing. The business is owned by a mix of private
and institutional shareholders including interests associated with founder, Mr
Alistair Jeffery, Australia's Macquarie Bank Limited and the management team.

Further information can be found at www.bluestone.co.uk

About Bluestone Motor Finance

Bluestone Motor Finance is an innovative specialist lender providing motor
finance solutions to consumers and SMEs in Ireland. Established in 2014,
Bluestone Motor Finance is an award-winning business with a best-in-class
digital offering and diversified routes to market. It has successfully
originated c.€450 million+ of loans and developed a network of over 650
franchised and independent motor dealers supporting their end-to-end online
offering.

Bluestone Motor Finance won the Process Improvement and Intelligent Automation
Award at the Asset Finance Connect 2021 Awards and was the winner of the
coveted Customer Journey Excellence Award at the Asset Finance Connect Summer
Awards 2022. Bluestone Motor Finance are finalists for the eCommerce
Innovation Award in the upcoming Irish eCommerce Awards 2023.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQEAKNNFSXDEFA