GLE Group sells IGF Invoice Finance Ltd to focus on new business services
GLE Group has announced that it has sold IGF Invoice Finance Limited (“IGF”), a leading cash flow finance provider, to a group of commercial lending professionals backed by Spring Ventures, a private equity investor specialising in management buy-outs of UK companies with strong growth potential.
The decision to sell reflects GLE’s strategy of pursuing structural changes that will improve its effectiveness and free up resources to invest in future growth. In particular, GLE is focusing its efforts on building a wider range of business services, in a number of different areas.
As a result, GLE has been looking for a new owner that could support IGF’s plans to expand into new and growing markets. Spring Ventures not only has the expertise and investment resources needed to meet this brief, but also has the skills required to grow and develop IGF accordingly.
Chris Manson, CEO of GLE, commented:
“The decision to sell our interest in IGF is good news for all involved: Spring Ventures has the management expertise that IGF will need to expand into new markets, whilst GLE sets its sights on a new and wider range of business services. We are currently in a very strong position in terms of profitability and financial resources and are fortunate to have a Board with a great deal of ambition.
The sale of IGF will enable us to broaden our remit considerably and focus on developing new revenue streams in a range of areas. The benefits for everyone involved in this transaction are clear, and will directly support the business goals of all concerned.”