New Lending Book

RNS Number : 9648O

Manx Financial Group PLC

13 August 2014

 



FOR IMMEDIATE RELEASE                                                                                                            13 August 2014

Manx Financial Group PLC

(the 'Group')

New lending book

Manx Financial Group PLC (LSE: MFX), the financial services group which includes Conister Bank Limited, Conister Card Services Limited and Edgewater Associates Limited, has entered into a joint venture with a consortium led by Andrew Flowers, Chairman of Enterprise Insurance Company PLC ('Enterprise'), to form a company to build a loan book specialising in insurance premium and asset backed finance for the UK professional services market.

The new company, Manx Financial Limited ('MFL'), is registered in the Isle of Man. The Group will own 50.1% and Enterprise will own 49.9% of the issued share capital. The Group will appoint two of the three directors including the Chairman.

The Group, via its wholly owned banking subsidiary Conister Bank Limited, has entered into an exclusive service agreement on commercial terms with MFL to supply all of the new company's operational requirements. In turn, Enterprise will provide both proportional equity and also present unique lending opportunities to the new company. Funding facilities have been agreed with two financial institutions and a further two facilities are currently under negotiation.

Denham Eke, the Group's CEO commented: 'We have a good understanding of the premium finance market. Our new partners will provide MFL with access to markets hitherto unavailable to us. The new venture will not cannibalise our current revenue streams, but will open up a potential new customer base for our existing asset backed lending products.'

For further information, please contact:

Manx Financial Group PLC

Denham Eke, Chief Executive

Tel: [phone]

Beaumont Cornish Limited

Roland Cornish/Felicity Geidt

Tel: [phone]

Britton Financial PR

Tim Blackstone

Tel [phone]

 

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