1pm’s Academy Leasing has acquired motor finance broker CarFinance2U for an undisclosed amount.
CarFinance2U was co-founded in 2011 by Dan Rothwell and Mark Burgess, and is based in West Kirby, Merseyside. It operates with a panel of 13 lenders.
Burgess said: “Joining forces with Academy Leasing, a well-established and respected motor and equipment finance provider, also based in the North West, gives us a fantastic opportunity to further develop the CarFinance2U business and take it to the next level.
“As part of a much bigger group, we will be able to utilise greater operational resources across all aspects of the business, not least, access to more finance through Academy’s panel of additional lenders as well as significant opportunities for cross-selling and the cross-referral of customers.
“We now also have the potential to develop a direct customer offering to complement our existing relationships with our motor dealership network through specialist lead generation and marketing capabilities”.
Mike Nolan, managing director for asset finance at 1pm, added: “I’m delighted to welcome Mark and Dan to the Group. They have demonstrated their abilities to establish and grow their business rapidly in a competitive market environment, not least as a result of the high quality of service provided to their customers and I can see very considerable opportunities to further develop the business and its customer offering as part of the 1pm group”.
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In a trading update in early December, 1pm said year-on-year profits up over 70%, and attributed the result to the “build-and-buy” acquisition strategy it followed over the last two years.