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1pm's wholly-owned subsidiary, Academy Leasing acquires motor finance brokerage, CarFinance2U

Published: 11:42 13 Dec 2017 GMT

Car dealer
Mike Nolan, founder of Academy leasing and managing director of 1pm’s asset finance division, said: “I can see very considerable opportunities to further develop the business"

1PM PLC (LON:OPM) has revealed that its wholly-owned subsidiary, Academy Leasing has expanded with the acquisition of Wirral-based motor finance brokerage, CarFinance2U for an undisclosed sum.

In a statement, 1PM – the AIM-listed provider of specialist finance facilities to the SME sector – pointed out that CarFinance2U, which was co-founded in 2011 by Dan Rothwell and Mark Burgess, has enjoyed rapid growth over the past two years.

READ: 1PM expects record first half revenues and a profit leap boosted by recent acquisitions

Mike Nolan, founder of Academy leasing and managing director of 1pm’s asset finance division, said: “I can see very considerable opportunities to further develop the business and its customer offering as part of the 1pm Group”.

At the recent F & I Conference and Awards Ceremony, held in Leeds in October, CarFinance2U  was named “Broker of the Year” for 2017.

Mark Burgess, co-founder of CarFinance2U, said: “As part of a much bigger group, we will be able to utilise greater operational resources across all aspects of the business, not least, access to more finance through Academy’s panel of additional lenders as well as significant opportunities for cross-selling and the cross-referral of customers.”

He added: “We now also have the potential to develop a direct customer offering to complement our existing relationships with our motor dealership network through specialist lead generation and marketing capabilities”.

In late morning trading, 1PM shares were unmoved by the deal, holding steady at 45.5p.

1PM shares got a boost at the start of this month after the firm said it expects to post record first half revenues and a 75% leap in pre-tax profit boosted by recent acquisitions.

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