REG - Manx Financial Group - Consultancy Agreement for PAL's growth

Manx FinancialAnnouncement

06/10/2025 07:00

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RNS Number : 0505C  Manx Financial Group PLC  06 October 2025

FOR IMMEDIATE RELEASE

6 October 2025

Manx Financial Group PLC

(the "Group")

Consultancy Agreement for Payment Assist's international growth

Manx Financial Group plc (AIM:MFX), the holding company providing a range of
diversified financial services to the Isle of Man and the United Kingdom,
announces that Neil Jeffery, a consultant with the Company's subsidiary
Payment Assist Limited ("PAL"), has been retained by Manx Ventures Limited,
another wholly owned subsidiary of the Group, under a new consultancy
agreement until August 2030. Mr Jeffery will continue his strategic and growth
focused role supporting the launch of new products and activation of new
domestic and international markets for PAL. The Group previously announced in
the RNS released on 16 September 2024 that, following the acquisition, PAL had
entered into a three year consultancy agreement with Mr Jeffery, the principal
founder, from 1 January 2025.

The extended consultancy agreement provides PAL with the long-term stability
needed to continue  expanding "Buy-Now-Pay-Later" products into Ireland,
mainland Europe, and the Middle East. The agreement, which includes customary
warranties from both parties, together with restrictions on Mr Jeffery
competing with PAL's business, allows for a cash payment of up to £6 million
during the term, subject to anticipated revenues and certain critical
performance hurdles and milestones. This payment range is consistent with
industry standards for the normal percentage commissions paid to business
introducers.

PAL is a leading short-term lender in the UK automotive repair sector and will
have increased its annual advances by 50% from £147 million in the two years
from 2023 to an anticipated £220 million in 2025. Mr Jeffery's leadership and
industry connections have been pivotal to this increase, including securing
high-value contracts and developing equity earning structures, including those
announced by the Group on 23 July 2025.

Douglas Grant, the Group's CEO stated: "Our current agreement with Neil has
proven to be a fundamental factor in the continued growth of PAL and we are
extremely pleased that we have secured his active and exclusive participation
for an additional five years in order to continue the development of PAL's
offering. Both he and PAL see further opportunities in the increasingly
competitive "Buy-Now-Pay-Later" sector and his contacts and market knowledge
will be invaluable in the ongoing development of PAL's portfolio. In
particular, he will manage our Irish licence application as the initial step
in the strategy to grow our footprint into Europe."

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

For further information, please contact:

 Manx Financial Group PLC  Beaumont Cornish Limited   Tavistock Communications Limited           Greentarget Limited
 Denham Eke                Roland Cornish/            Simon Hudson/                              Jamie Brownlee

                           James Biddle               Adam Baynes
 Tel: +44 (0) 1624 694694  Tel: +44 (0) 20 7628 3396  Tel: +44 207 920 3150 mfg@tavistock.co.uk  Tel: +44 (0) 20 3307 5726

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

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