Maxxia (UK) Limited, a subsidiary of Australian listed company McMillan Shakespeare (MMS), has acquired 100% of the shares in Chester-Le-Street-based asset finance broker, Anglo Scottish Asset Finance Limited.
Anglo Scottish provides a range of financial services including business finance, personal finance and vendor/dealer finance. Having been founded in 2008 by David Foster, Dean Cowley, Paul Sargent and Murray Wark, the business offers the broadest range of capital financing solutions for individuals and businesses of all sizes and statuses.
The sale into the MMS Group represents a significant building block for the Australian company, and is a strong addition to its existing UK operations following the acquisition of CLM Fleet Management in 2013. Each of the founders of Anglo Scottish will remain with the business to drive its growth and to continue to service the needs of customers.
Roger Skinner, CEO of Maxxia, said: “Anglo Scottish is a perfect addition to our business at this very exciting juncture in our growth plans. Our core mission is to provide our clients with the very best possible asset financing solution tailored to their business, whatever their needs.
“The Anglo Scottish team has deep market knowledge and an established network across the UK asset finance ecosystem that will bolster our ability to do exactly this, underlining our position as the trusted partner for asset financing.”
David Foster, managing director at Anglo Scottish, continues: “We are delighted to be joining the McMillan Shakespeare Group. Its strong focus on transparency and integrity, coupled with its impressive resources, makes it an ideal fit for us as we look to invest and expand our unique offering to our agents and customers. In addition the Group’s proven capabilities in areas such as vehicle leasing, fleet management, operating leasing and structured finance will allow us to provide a truly comprehensive service to clients.”
Newcastle-based Square One Law acted for the owners of Anglo Scottish on the sale of their shares. US firm, Locke Lord acted for Maxxia (UK). The deal was successfully completed in only a three week period as both law firms worked to the tight timescales set by their clients.
Square One Law senior associate John Hammill said: “This was a great project to work on with the Anglo Scottish management team and to guide them through the sale process. Our corporate, property and employment teams worked around the clock to get the deal completed and I’m delighted for David, Dean, Paul and Murray. I’m also confident that under their continued leadership Anglo Scottish will go from strength to strength over the next few years now that it is part of the MMS Group.”
David Foster added: “To witness the professionalism and dedication from Square One Law to achieve the task at hand in challenging, but imperative timescales resulting in a successful outcome for ourselves was an absolute pleasure. We will undoubtedly be working together in the future as we continue our expansion plans.”