Asset finance provider acquired

Norwich-based Credo – which was established in 2005 as an independent provider of asset finance –has a growing own-book portfolio, along with brokered finance supported by a number of funders in the industry.

Credo will continue to be led by its experienced management team of Simon Gray, Ian Tims, Mark Skipper and Trevor Parsons, as well as receiving support from SAFL to continue the growth and performance recorded to date.

The transaction will see Credo join forces with other asset finance companies, such as Kennet Equipment Leasing, Ignition Credit PLC and First Capital Finance Limited.

Steve Swift, CEO of SAFL, said: “When we started this journey to build a formidable UK SME asset finance platform, our acquisitions were always going to be companies that would complement and strengthen our group. 

“I’m delighted to welcome Credo to the SAFL table; on the back of great customer service, the team has built the leading independent finance provider in its home market with significant further growth potential."

Simon Gray, managing director of Credo, added: “Here at Credo, we are delighted to become part of the SAFL group.

“This move will allow us to continue supporting customers with our exemplary level of service, while providing us with capital to further develop Credo as part of a dedicated and fast-growing UK asset finance group."

The SAFL group is set to generate over £200m annually in new business finance.