Jersey-based peer-to-peer lender Sancus Limited is being bought by an Alternative Investment Market-listed Channel Island company.
Sancus has signed an agreement to be acquired by Guernsey-based GLI Finance Limited (GLIF) for £37.75 million.
Andrew Whelan, the CEO of Sancus, will become a member of GLIF's team and team and will work closely with Geoff Miller, the CEO of GLIF. His fellow co-founders John Davey and Richard Harrop will remain on Sancus’ board following completion.
Mr Miller said: "The acquisition of Sancus provides GLIF with its own lending platform which, from a standing start at the beginning of this year, has already lent over £40 million to SMEs. This acquisition will also bolster GLIF’s executive team with some of the industry’s most experienced banking and investment professionals and will help drive the group's continued expansion plans.”
Sancus will continue to operate as usual.
Mr Whelan said: "I am excited about the prospects of joining GLIF. Peer-to-peer lending is fast becoming an established alternative source of funding, working with traditional finance houses to meet the growing demands of SMEs."
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