WeDo Invoice Finance acquires two non-government based Essex companies
A Greater Manchester-based bill finance company has grown with a double blow in a multi-million pound deal.
WeDo Invoice Finance acquired sister companies Alexanders Discount and Corporate Commercial Collections, based in Colchester.
It comes after Essex companies ran into financial difficulties, with FRP Advisory being appointed a director in June.
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The acquired companies, which provide finance to companies across the UK in sectors such as recruiting, construction and manufacturing, were absorbed into WeDo Invoice Finance.
The deal increases the presence of WeDo, headquartered in Oldham, in the south.
WeDo Invoice Finance is part of the WeDo group of companies founded by directors Chris Robinson and Mark Lindsay.
Mr Robinson said the invoice financing market is growing as companies established in industries such as recruiting and construction rebound from the effects of the pandemic and see demand rise sharply.
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He also said the pandemic has inspired many people to start their own businesses, which require financial support to help them grow.
He added: “We are an ambitious and growing company and, as part of our growth strategy, we have sought to increase our presence in the south.
“The companies we have acquired have good management teams and many synergies with our existing operations, so we are delighted to have been able to take the opportunity to purchase them.
“Taylors provided excellent and proactive support throughout the process, being available at all times to help us move the matter forward.
“It was important to close the transaction quickly in order to alleviate any uncertainty among business customers following their entry into administration. Fortunately, we were able to reassure them that we are there for them to support their growth goals. “
The group started operations in 2019 with around five employees and now has over 30 employees based in offices in Oldham, Sheffield, Swindon and now Colchester. Its other divisions include WeDo Trade Finance, WeDo HR, and WeDo Recruitment Investments.
A team from Northwestern law firm Taylors Solicitors advised WeDo Invoice Finance on its acquisition, led by partners Andrew Livesey and Stuart Beatson.
Mr Livesey, Manager of the Taylors Manchester office, said: “We are delighted to have been able to help WeDo Invoice Finance acquire the businesses previously carried out by Alexanders Discount Limited and Corporate Commercial Collections Limited.
“The transfer of a ‘live’ financial business gave rise to a number of interesting technical challenges that had to be overcome as existing customer positions and associated agreements were migrated to WeDo.
“We are very happy to have been able to work with WeDo since its launch in 2019. Mark, Chris and the entire WeDo team are excited to work with them as their business continues to grow. “