VENTURE Finance, an independent invoice and asset based financier, has announced the acquisition of Manchester-based City Invoice Finance, a market independent, offering factoring and invoice discounting facilities to small and medium sized enterprises (SMEs).
Venture Finance acquired City Invoice Finance from its management and a group of investors led by Smedvig Capital, the private equity firm that has backed the company since its inception.
Tony Cox, managing director of Venture Finance, said: "Venture and City, have very similar business cultures, offering real choice and value for money.
"The combined northern operation will create a unit of more than 550 clients, representing our substantial commitment to the North of England SME business community."
David Smith, sales and marketing director of City Invoice Finance, said: "We are delighted to be joining forces with Venture Finance and see this acquisition as a real opportunity to further strengthen our business in the North."
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