Acquisition

Lloyds TSB Group PLC 21 November 2001 122/01 21 November 2001 LLOYDS TSB COMMERCIAL FINANCE ACQUIRES LEADING TEMPORARY RECRUITMENT PAYROLL PROVIDER Lloyds TSB Group plc announces that its subsidiary Lloyds TSB Commercial Finance Limited, the UK's leading provider of factoring, invoice discounting and asset-based lending, has acquired CashFriday, the leading provider of funding and payroll services to the UK temporary recruitment sector, for a consideration of £10 million. The net asset value of the business being acquired is £2 million. Under the terms of the transaction, CashFriday will operate as a subsidiary of Lloyds TSB Commercial Finance. The acquisition will provide growth opportunities for both Lloyds TSB Commercial Finance and, the previously privately owned, CashFriday. Ted Ettershank, managing director, Lloyds TSB Commercial Finance said: 'There are obvious synergies between our companies, both are actively operating within the recruitment marketplace and have expertise in credit control and finance. CashFriday also represents a solid investment as the temporary recruitment market is growing at 20 per cent per annum.' ...../2 LLOYDS TSB COMMERCIAL FINANCE ACQUIRES LEADING TEMPORARY RECRUITMENT PAYROLL PROVIDER ........../2 Tom Atkinson, managing director of Gloucester-based CashFriday added: 'A number of potential buyers have shown interest in CashFriday over the last year owing to our strong product and market position. Our relationship with Lloyds TSB Commercial Finance will allow us to continue to gain market share in our chosen sector whilst benefiting from the support of a major financial institution.' - ends - For more information: Lloyds TSB Press Office Tel: 020 7626 1500 Notes to editors In May 1999 Factoring specialist Alex Lawrie Factors and leading invoice discounting provider, Lloyds TSB Commercial Finance, embarked on a new integrated business strategy to forge ahead as the UK's leading provider of factoring, invoice discounting and asset-based finance. Over £900 million of working capital is provided to more than 6,000 clients. Working capital funding is provided through a full range of factoring, invoice discounting and asset-based lending solutions to any size of business, including start-ups. With over 800 employees operating from Edinburgh to Plymouth, Lloyds TSB Commercial Finance is a division of the Lloyds TSB Group.
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