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.
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