Cavendish Corporate Finance LLP is pleased to have advised on the sale of Express Finance to the U.S. based Dollar Financial Corporation.
Express Finance started life with one customer in 1998 and has since grown rapidly within the consumer finance sector and is set to become one of the market leaders in the internet-based provision of these small, short term consumer loans.
Dollar Financial Corporation is a leading international financial services company providing a range of consumer financial products and services primarily consisting of cheque cashing, short-term consumer loans, Western Union money orders and money transfers through high street stores. Established in 1979, Dollar now operates a network of approximately 1,370 stores with locations in the US, Canada, UK and Ireland.
The sale of Express Finance is the culmination of a two year working relationship with Cavendish starting with an Exit Review in 2007. The comprehensive Exit Review exercise focused on creating a scaleable platform for the business (in terms of its systems, processes and people) that would be attractive to a large international consumer finance company looking to make a strategic acquisition in the UK payday loan sector.
Cavendish then managed a full sale exercise to include buyers from around the world, making full use of its international network, and adhering to the client’s specific requirements for any potential purchaser to invest in the future of the business. The entire management team of Express Finance will remain with the business following the sale.
Mike Thorpe, Managing Director of Express Finance commented:
”The comprehensive exit review together with thorough pre-sale grooming by Caroline Belcher established the plaform for this sale.
The Cavendish team skillfully structured the sale process and further negotiated through a protracted and difficult climate to secure a very satisfactory sale. They were professional in every department.”
Peter Gray, the Cavendish partner who led the sale, commented:
”We are delighted to announce the successful sale of Express Finance amidst these challenging market conditions. We were able to identify a buyer that not only met our pricing requirements, but also provided the correct platform for the growth of the Express Finance business in the future.”