Specialist distributor Enterprise Finance has acquired bridging lender West One Loans for an undisclosed sum.
West One Loans will continue to operate under its own branding and all existing staff members will remain with the company.
West One Loans directors Duncan Kreeger and Stephen Wasserman will join the Enterprise Finance board of directors.
West One Loans has first-charge lending permissions but Enterprise Finance says it will focus on second-charge loans during the “bedding-in period”.
Enterprise Finance chief executive Danny Waters says: “We feel we can help West One Loans realise its considerable potential far sooner. Also, with Stephen and Duncan joining the board, we will be adding strength and depth to our own senior management team and I look forward to working with them to take the business forward. From now on, our strategy as a group will be focused on both organic and buy-to-build growth, with this the first of a number of planned acquisitions.”
Kreeger adds: “Being part of one of the fastest growing companies in the country is clearly a very exciting prospect for us. This deal will give us more firepower and enable us to expand far more quickly.”