Future Group expand operations into Isle of Man
Future Loans Limited, a member of the Future Group of Companies, has acquired the Isle of Man consumer loan book of Citi Financial for an undisclosed sum.
The acquisition, which took effect from March 2012, is a major extension to the Future Group portfolio. The company will open a new office in Douglas next month so they can extend the face-to-face contact to Isle of Man clients as they do in the Channel Islands.
This latest acquisition follows the successful purchase of the Citibank loan book for the Channel Islands in 2011. Future Groups success in Jersey and Guernsey has centered on their independent and local based decision-making. In 2011 alone, Future Group advanced over £20 million to local customers in the Channel Islands.
Future Group is a bespoke, privately owned business looking after clients in Isle of Man, Jersey, Guernsey, and the UK. The company benefits from over 40 years combined finance experience across the team, which is led by Directors Craig Dempster and Denny Lane. The Group will now be providing services to Isle of Man customers including loans, leasing, hire purchase, factoring and a variety of other lending products including mortgages.
Craig Dempster, Executive Director, Future Group, says:
‘The acquisition fits in very well within our existing portfolio and strategy moving forward. There is a real synergy between our client base in both Jersey and the Isle of Man. We are pleased to be able to assist clients in the Isle of Man with their lending requirements and are greatly encouraged by the support we have received from local institutions during inception.’
Phil Austin, Chairman, Future Group, added:
‘Since launching Future Loans in 2009 the company has grown both organically and through acquisition. We have now developed a strong client base in the Isle of Man and we believe that the unique philosophy of Future Group will be beneficial to clients there. This is a landmark deal for Future Group and one we see as a base for the company’s further expansion.’
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