"We are delighted to have acquired Henry Howard’s clients and team as it supports our ambitious growth plans and enables us to expand our national presence "
Advantedge Commercial Finance has completed the acquisition of Newport based Henry Howard Cashflow Finance business.
Advantedge says the acquisition marks an "important milestone in their ambitious plans" following a successful MBO supported by Mobeus Equity Partners, a rebrand and an investment in people and client service network with centres being opened in Glasgow and The Midlands.
The invoice financier provides cashflow solutions to small and medium sized businesses and funded over £2 billion worth of invoices to date.
David Tilling, CEO of Advantedge, said: “We are delighted to have acquired Henry Howard’s clients and team as it supports our ambitious growth plans and enables us to expand our national presence to now include a South West and Wales region. We are passionate about making a difference to our clients and providing certainty of funding, so they have the confidence to drive their plans forward. We now have a client base of over 650 UK businesses who benefit from our fast, flexible and straightforward finance solutions as we focus on delivering the very best for our clients and giving them the edge they deserve.
“We are now focussed on ensuring it is business as usual for our clients and staff based at Newport and our valuable introducers who work with the business as we incorporate this important regional centre into our Group. We are looking forward to working with our new clients to reassure them that they will continue to have certainty of funding to support their growth plans.”
Mark Catton, CEO of the Henry Howard Group, added: “Following 23% year on year growth of our vendor and asset finance division, the board has decided to exit the invoice finance and factoring space in order to focus on our core vendor and asset finance business. We’re pleased to see our clients transferred to Advantedge, where we are confident they will continue to be well served by their dedicated team.”