Absolute strengthens proposition by joining forces with Aldermore
Absolute Invoice Finance (“Absolute”), the specialist provider of factoring and invoice discounting solutions to small and medium sized enterprises (SMEs), has today joined forces with Aldermore Bank PLC (“Aldermore”) in a move that saw Aldermore acquire the business from AnaCap Financial Partners (“AnaCap”). AnaCap is a specialist private equity firm focused on financial services, which acquired Aldermore earlier this year.
Aldermore also markets finance facilities to SMEs and the integration will enable Absolute to provide a broader range of specialist financial solutions to existing and prospective customers, as well as strengthening and extending its available pool of funding.
Doug Crawford, chief executive of Absolute, will leave Absolute after the integration of both businesses has been completed and Ian Wilkins will assume the role of managing director, Invoice Finance, with responsibility for the day-to-day running of Absolute. Ian will report to Phillip Monks, chief executive of Aldermore.
Phillip Monks said: “This is an important step for Aldermore in its strategic development and represents an exciting opportunity for Absolute to realise its full potential though access to greater funding. Both Aldermore and Absolute have ambitious growth plans which are better achieved by joining forces than by approaching our shared market independently.
“Doug has built a strong, sustainable business in the nine years that he has led the company and, while we are disappointed that he will not be joining us in the wider business, we understand his reasons for leaving and wish him well for the future.
“Ian has extensive invoice finance experience and a long tenure with the business, running the northern division, and I am looking forward to working with him and his team.”
Ian Wilkins of Absolute said: “Our acquisition by AnaCap in September this year put Absolute on a sound financial footing and joining forces with Aldermore enables us to implement our growth plans at an even faster pace than before. By extending our product offering and pool of available funding, we will be able to strengthen our position in the market further.”
This transaction will not affect the day-to-day running of Absolute or the services it provides to its customers.
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