Finance provider Sancus BMS, owned by GLI Finance, has expanded its stake in affiliate company Sancus Isle of Man (Sancus IoM) to 29.3%.
The Sancus businesses operate in asset-backed finance, unsecured lending and factoring, with facilities averaging £2.1m.
GLI bought up all shares held by Andy Whelan and John Davey, who hold senior positions in both Sancus BMS and Sancus IoM.
GLI said that the operation would allow it “to further benefit from the growth of the Sancus IoM business as it continues to execute its strategy, and will remove the conflicts of interests resulting from the connected directors’ personal shareholdings”.
The acquisition cost £476,238 (€532,522) was financed through GLI’s pre-existing 7% corporate bonds, maturing in 2021, plus about £49,500 in cash. The payment was allocated proportionally between Whelan and Davey, who both held a 3.1% stake prior to the acquisition.
Sancus BMS was created in mid-2016 through the fusion of the two eponymous businesses. The company has since operated as a unified lender across the UK, Ireland, Gibraltar and the Channel Islands, while operations in the Isle of Man were kept under an affiliate company.
GLI Finance also owns p2p lending platform FundingKnight and online credit brokers Funding Options and Finpoint.