The owner of Tottenham Hotspur has agreed an offer to buy a finance firm with a Manchester arm.
Joe Lewis’s Bentley Park has agreed an increased cash offer of 21.5p per share for Inspired Capital, valuing the company at £47.1m.
Ashley Business Finance was founded in 1993 by the current chairman Jonathan Cranston among others and provides finance to SMEs throughout England and Wales.
It was acquired by Ultimate Finance in 2010 which is now part of Inspired Capital.
More than 30 people work at Ashley Business Finance’s premises on Mosley Street, Manchester
Billionaire businessman Lewis first approached Inspired Capital about potentially buying the company in May.
Last month, Ashley said it was providing emergency support to customers hit by an IT crisis at NatWest and RBS.
Ashley was able to advance cash to their accounts free of charge to help tide them over until the problem is resolved.
A team at international investment bank Altium comprising chief executive Phil Adams, director Paul Lines, assistant director Adam Sivner and analyst Tom Battersby, provided rule three advice to the Inspired Capital management team.
This is the second time the firm has advised Inspired Capital, having acted as financial adviser and Nomad to the company (previously named Renovo) on the £19.4m recommended acquisition of Ultimate Finance Group in September 2013.
[“source – manchestereveningnews.co.uk”]