Tue, 02 Mar 2021 | BUSINESS SALE
Specialist recruitment consultancy On-Site Group has completed the acquisition of business finance brokers Crest Finance. Following the acquisition, Crest Finance will become On-Site Finance, giving the group the capacity to offer its clients a full range of business finance and funding services.
Portsmouth-based On-Site Group is a recruitment specialist serving companies in the construction, data communications, electrical and mechanical sectors. The acquisition of Crest Finance will expand the range of services On-Site can offer and also adds Crest’s marketing team to the business, which will be valuable in using telemarketing to generate leads.
Crest Finance was founded in 2012 and has grown to be the South Coast’s largest lender for business funding, as well as a platinum partner of all lenders. The 12-strong company works with an array of clients, providing a full range of business finance services, such as asset finance, invoice finance and property finance.
During the COVID-19 pandemic, Crest Finance has also helped SMEs seeking financial support via the Coronavirus Business Interruption Loan Scheme (CBILS).
On-Site Group MD Richard Whale said: “This is another exciting acquisition for On-Site Group. Crest Finance is a business that we have worked closely with for many years. Their culture and ambition has always impressed us and we are very excited that this opportunity has arisen. We are confident that this will offer opportunities that not many of our competitors can, and that our suite of services continues to expand.”
Crest Finance MD Trevor Deacon added: “Having raised over £100m of funding for businesses over the past eight years, alongside the provision of specialist B2B telemarketing campaigns, the business is a perfect fit for the Group for the provision of in house services and raising finance for clients of On-Site.”
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This established IFA is assigned to one major platform ensuring a very smooth transition of client assets.
This is a highly profitable business with EBIT percentage of 33%, meaning money can be recouped quickly after a purchase.
With advisers and back-office staff in place, this business can be purchased and will keep running efficiently.
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