Island-based Manx Financial Group has bought asset-based lender ECF Asset Finance for £1.
MFG subsidiary Conister Bank has bought ECF’s loan book for £12.2 million – the book has £14.3 million outstanding on it.
ECF also has approximately £1.1 million in cash which will be available to Manx Financial Group.
Manchester-based ECF deals in finance leases and commercial loans to small businesses in the UK, and employs 16 staff.
Ribbon cut on fully refurbished M&S store
Staff, the Island's Lieutenant Governor and a giant inflatable Percy Pig mark completion of store makeover
Inflation falls to 2.9 percent in March
Restaurant, food and education costs continue to rise
Is 'inter-generational home sharing' the solution to the loneliness epidemic and housing crisis?
Island businessman says he has found the answer
DfE provided more than £250,000 to MT to assist with below ground fibre installations
Minister says figure was to ensure premises deemed not commercially viable could be included in rollout
