London-based Link Financial Group has acquired an asset management unit within Finance Ireland, a non-bank lender led by Billy Kane.
Called Everyday Finance, the unit is based in Galway with about 30 staff and has assets under management of about €500 million.
Abridged accounts for Everyday Finance Ltd show it had accumulated profits of just under €3 million at the end of 2015. The sum paid has not been disclosed.
Link is one of Europe’s leading providers of outsourced loan servicing, with 2.5 million customers and more than €13 billion of receivables on its books. It employs more than 500 people across 10 offices in Europe, including in Dublin.
Everyday previously traded as Finance Ireland Asset Management and is the largest credit management, debt purchase and recovery business in Ireland.
In recent years it had acquired a number of loan portfolios, including from Lombard (part of Royal Bank of Scotland) and Friends First, with backing from CarVal.
Company history
Set up in 1976, Everyday Finance was established as a consumer loan provider. Citibank acquired the company in 1999 before later exiting the market with Finance Ireland purchasing the business.
It will formally rebrand as Everyday from November 1st and is set to become an integral part of Link’s platform across seven European markets. It will continue to be based and managed in Galway.
Commenting on the deal, Selina Burdell, chief operating officer of Link Financial Group, said: "Ireland has been a key market for Link since we set up in Dublin in 2008. We wanted to expand further within Ireland but we needed to find the right partner.
“Over the years, Everyday has become a market leader in servicing and purchasing both consumer and commercial loan portfolios. Coupled with its long staff tenure, experience of multiple products and knowledge of the Irish marketplace, it has become a proven and established player in the industry.”
Mr Kane said Everyday had become non-core to Finance Ireland.
“This transaction will ensure its future success and allow Finance Ireland to concentrate on its core lending activities,” he said.
Set up in 2002, Finance Ireland is Ireland’s largest non-bank lender, providing car finance, SME leasing, and funding for agri and commercial real estate.
