Greater Manchester-based PMD Business Finance has joined forces with a Yorkshire counterpart.
PMD, headquartered in Oldham with a team of 65 people, has acquired a majority shareholding in Rotherham-based Custom Business Finance, a specialist in asset and commercial finance.
Custom will continue to trade under its own established brand, and the existing management team – Martin Taylor, Chris Mangle and Dave Catling – will continue to lead the business, supported by PMD’s infrastructure, systems and back-office functions.
Since it was established in December 2016, Custom has advised on more than £250m in lending advances across in excess of 1,500 transactions. It has gained a strong reputation in sectors including haulage and transport, manufacturing and engineering, healthcare, construction and renewables.
Tom Brown, managing director of PMD Business Finance, said: “This is a really exciting strategic step forward for PMD and it will help us progress towards our goal of being the UK’s leading asset and commercial finance intermediary.
“It’s an acquisition that strengthens our long-term position in the market, providing a platform for significant growth and value-creation for everyone involved. The model that we’ve developed together with the team at Custom serves as a blueprint for additional future partnerships as we continue to scale.
“Custom has built a strong, credible reputation with clients nationwide, but particularly in the Yorkshire, Midlands, Humberside and Lincolnshire regions. The team brings a wealth of commercial finance experience and industry knowledge that perfectly complements our existing operations.”
Martin Taylor, director at Custom Business Finance, added: “We’re thrilled to be joining forces with PMD Business Finance. I worked with Tom earlier in our careers and the wider PMD board are known to us as well, so this has all felt very natural and the right strategic fit for Custom.
“There is real alignment between the two businesses as we both share the same values and business ethos, particularly in developing strong lender relationships and doing the right thing for customers for the long-term.”
Founded in 2010, PMD Business Finance has now advanced more than £1.5bn of funding, supporting more than 14,000 businesses.
PMD was advised on the legal aspects of the acquisition of Custom Business Finance by the team at CG Professional led by Benjamin Dredge and Victoria Brown. Custom was represented by Amy Cusworth from Oxley & Coward Solicitors LLP.
Steven Crookes of Knowles Warwick Chartered Accountants and Steve Watson and Andrew Wood of Harris and Co Accountants also provided advice to Custom.