Nick Smith, former sales director at Ultimate Finance, has acquired a minority stake in Reward Finance in a partial management buy-in.
Smith, group sales and marketing director at Reward Finance acquired a significant minority stake for an undisclosed amount. Walker Morris, Clarion, and Schofield Sweeney advised on the deal.
Smith said: “I was delighted to be invited to join the equity ranks with Tom and Dave and look forward to continuing to drive the business forward with continued support from our backers.”
The deal puts Smith on an equal shareholding with joint managing directors Tom Flannery and David Jones. Tradehold, a Johannesburg-listed company owned by South African billionaire Christo Wiese, has retained its majority stake in Reward Finance.
Flannery said: “This transaction is very much part of our long term strategic plan. Nick joined the business last year to lead our sales and marketing efforts and stage two was always about an equity stake for him.
“This deal with Nick is the first step in the longer term succession planning for Reward and between the three of us and the wider management team we will continue to drive the business forward in the alternative finance space”.