Aldermore acquires stake in AFS

CHALLENGER BANK Aldermore has acquired a 48 per cent stake in an independent funding provider for an undisclosed sum.

AFS, which employs 19 people across two offices in York and Blackburn, is one of the largest introducers to asset and commercial finance funders in the UK.

The new partnership, which is subject to regulatory approval, will enable Aldermore to strengthen its position in the business finance broker markets.

The York office of Andrew Jackson Solicitors provided legal advice to the shareholders of AFS. Financial advice was provided by Garbutt and Elliott in York.

Nick Simpson, managing director of AFS, said: “It makes absolute sense for us to strengthen our partnership through this agreement.

“We’re looking forward to working even more closely with the Aldermore team and are excited to have the opportunity to play an even greater part in the bank’s exciting journey.”