GLI Finance Limited has entered into a conditional sale and purchase agreement with alternative lender Sancus Limited for £37.75 million.
< 
div>GLI Finance Limited has entered into a conditional sale and purchase agreement with alternative lender Sancus Limited for £37.75 million.
Since trading in January 2014, Sancus has grown rapidly and written approximately £47.6 million of loans across 20 transactions and the acquisition will provide GLI Finance with an income stream from Sancus’ current loan book.
Around £43.1 million of the offshore secured lender’s loan book is currently outstanding. SMEs, high-net-worth individuals and entrepreneurs within the Channel Islands.
GLI Finance originates and invests in loans providing finance to SMEs in the UK and US, including property backed lending.
Geoff Miller, CEO of GLI Finance, believes the acquisition of Sancus will create more opportunities for GLI Finance to expand further.
“This acquisition represents a key event in the Company’s development,” stated Mr Miller.
“Not only immediately delivering an existing loan book and income stream but also an exciting platform from which to expand into other offshore jurisdictions.
“Alongside this, we will benefit from the experience of a hugely talented management team with loan origination capabilities that will drive the growth of our proprietary loan book.”
Current CEO of Sancus, Andrew Whelan, will be appointed to a newly created post, Director of Lending, with responsibility for loan origination and management and will become effective immediately following the acquisition.
Mr Whelan will also join the board as an Executive Director and he is looking forward to being part of this growth at GLI Finance.
“Having GLI Finance as an investor for nearly a year has made clear the synergies that are possible between Sancus and GLI Finance’s other investments, to the benefit of all involved,” he said.
“I look forward to being part of this exciting stage of growth for GLI Finance, which has already built an impressive and diverse portfolio of alternative finance platforms.”
Completion of the acquisition is conditional upon approval by the shareholders of the proposed adoption of the new articles by way of a special resolution.
Therefore an Extraordinary General Meeting will be held at 11am on 12 December for shareholders to approve the resolution.
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