Future Finance continues to expand with the major acquisition of a UK portfolio of clients.
The Jersey based lending company has purchased a UK loan portfolio from CitiBank for an undisclosed sum. The acquisition took effect 12th October 2012 and provides the Company with a significant foothold in the UK.
A Future Finance office will open in London by the end of the year, following the successful opening of similar units in Guernsey and the Isle of Man. The Company’s UK offering will primarily be a suite of loans, but will also aim to replicate products offered in their other locations, including factoring and mortgages. All operational activities will continue to be managed in Jersey, and additional local staff will be recruited in the final quarter of 2012.
Future Finance has expanded at a rapid pace since its launch in Jersey in 2009. The Company moved into Guernsey in 2011 and then into the Isle of Man in 2012. It is independently owned and financed and it’s unique, flexible approach has enabled it to quickly establish itself as a leading player in the local markets, advancing over £75m over the past three years.
Denny Lane, Executive Director, Future Finance, says:
‘This is a huge milestone for Future Finance. From an independent, Jersey based start-up we now hold a Consumer Credit License in the UK and are in the final stages of an FSA application, which will allow the new entity, Future UK, to offer a wide and varied suite of financial products. We now plan to open an office in London and are looking forward to working with our new customers and introducing new clientele to Future UK.’
Craig Dempster, Executive Director, Future Finance, says:
‘We are very pleased to have reached a point where our business success locally has enabled us to expand into new markets. It’s a major acquisition for Future Finance and a good sign for Jersey that a local business can excel in the UK. Future UK will provide a similar offering to our other jurisdictions and we are confident our unique approach to lending will ensure we experience the same success in the UK as we have elsewhere.’
Phil Austin, Chairman, Future Finance, added:
‘The opportunity to purchase a quality loan portfolio in the UK was too good to pass up and this purchase has accelerated our expansion programme beyond the Channel Islands and the Isle of Man. We have been active in the UK market for the last 12 months and so have built up an impressive network of clients and professional contacts. With this latest acquisition, we believe we can now build up our business even more extensively.’