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Wesleyan Announces further growth with acquisition of Syscap

Wesleyan, the mutual financial services specialist, today announced the acquisition of Syscap Holdings Ltd (“Syscap”), from a fund advised by AnaCap Financial Partners LLP. Syscap is the UK’s leading independent provider of short term business loans, IT leasing and asset finance.

This acquisition strengthens Wesleyan’s position in the short term loans market and extends its range of commercial services to include the provision of IT leasing and asset finance.
 
Craig Errington, Wesleyan’s Chief Executive said: “This is an exciting acquisition for us; Syscap is a strong, successful business that operates in professional markets very similar to our own.  They also have the same strong focus on quality specialist service, based on a real understanding of their customers’ needs.  There is a great synergy with the services we currently offer through Wesleyan Bank where we already have a successful short term loans business.
 
“This is good news for our customers who will now have access to an increased range of business finance and leasing options through Wesleyan, as well as being able to meet their personal financial needs.”
 
Bryan Jackson CBE, Wesleyan Chairman added: “As a mutual with no shareholders to consider, we manage our business in the interests of our members and customers. We are committed to growing the business in a managed way and in line with our mission to be the best in our chosen markets. This acquisition is a clear intent of our desire to increase the range of services available to our customers while building on our existing capabilities.”
 
Philip White, who has been with the company since 1993, remains at Syscap as Managing Director.  He commented: “It’s great that we are becoming part of an organisation that has a real understanding of the work we do in the Professions and IT leasing space. Wesleyan is one of the UK’s financially strongest mutuals with a great heritage and a keen eye on the future.  It’s an exciting time for Syscap to be joining the Group as Wesleyan continues on its programme of growth.”
 
Syscap’s 69 staff will remain based in their current offices in New Malden and Northwich.
 
Wesleyan were advised by Deloitte’s dedicated regional financial services team who provided lead advisory, transaction due diligence and structuring advice. The Deloitte teams were led by Darren Boocock, Simon Thompson, Richard Monahan and Peter Croom. Legal advice was provided by The Wilkes Partnership, led by Jeremy Parkin.

AnaCap was advised by IMAS Corporate Finance with legal advice provided by CMS. Management were advised by Marriott Harrison.

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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© 2018 Wesleyan Assurance Society