The acquisition is in line with the strategy of London Scottish Bank to broaden the product range for both consumers and commercial customers and builds upon the successful acquisition of Stirling Direct in 2002.
The business, based in Middleton, Greater Manchester, sources commercial and residential secured loan business through a network of brokers and IFA’s.
Prime will work with London Scottish’s existing broking operations to maximise revenue opportunities. The commercial finance sourced by Prime will provide an opportunity for London Scottish Bank to further extend its lending to small and medium sized companies and enterprises. Prime also plans to provide IFA’s with new services and products.
The existing Directors of Prime Finance – Carl Montlake and Michael Rashman – will continue to manage the business.
Michael Rashman commented “This is a fantastic opportunity for us to benefit from London Scottish Bank’s resources in combination with Prime’s expertise in dealing with intermediaries to increase our market share.”
Prime Finance 0161 643 8811