Durham-based Anglo Scottish Asset Finance has confirmed the completion of a management buyout (MBO) to take back control of the business.
The investment is backed by a consortium of UK-based funders, the company’s original founding directors, wider management team, existing employees, and contractual agents.
Founded in 2007, Anglo Scottish quickly established its name in the finance brokerage sector. In 2015, the company was acquired by McMillan Shakespeare Group. The MBO follows the publicly listed Australian company’s move to seek an appropriate acquirer for its UK operations on the back of a strategic view to exit the UK and focus on its core capabilities down under.
The MBO will result in an expansion of the business’s presence in the UK as Anglo Scottish aims to develop a new funding option for customers while establishing new partnerships, joint ventures and strengthening relationships with current funding partners. It plans to leverage new technologies and expand its capacity to secure new clients and support partner relationships in the industry. The funding raised will support these initiatives as the Anglo Scottish brand continues to develop.
Anglo Scottish supports fleets across the country, having helped businesses across the country access affordable finance for commercial vehicles. The company has also partnered with local councils to deliver the financial assistance scheme for fleets affected by the introduction of Clean Air Zones. This has helped more than 400 businesses to replace non-compliant vehicles.
During 2023, the company added three new divisions – Renewables, Agriculture and Ground Transport – to its existing structure, which already covers Vehicle Finance, Asset Finance, Commercial Finance and more.
The company has increased its headcount to 86, with newly employed staff based in Scotland, Merseyside, Yorkshire, London, and Devon, and has grown its network of tied agents to 68.
Additionally, the company brokered over 12,900 deals in the financial year 2022/23, reaching a substantial milestone with over £519 million of brokered business within the year. During the MBO process, the company offered investment opportunities to all employed staff and agents, allowing all to benefit from the company’s success.
Managing Director David Foster expressed his excitement for the future, stating that the MBO marks a “landmark moment” for Anglo Scottish and its leadership team. He commented: “With this continuing growth, we see a huge opportunity to develop a new way of doing business, offering a broker/funder hybrid service to our customers and bringing us closer to our industry partners.
“While the MBO gives us the financial strength to broaden our market and offering, we will maintain the identity and independent approach that our existing customers and partners have come to expect.
Commenting further David added: “We look forward to a promising future, anticipating continued growth and success for our management team, employees, and the businesses and individuals we serve.”