A financial services firm in Birmingham has merged with a North East outfit.
Jewellery Quarter-based Capex Asset Finance has teamed up with Durham firm Anglo Scottish Asset Finance as part of a focus on national expansion.
The merger will see the two companies unite under the Anglo Scottish Asset Finance banner and will enable the latter to move further into industrial asset finance while Capex, which was founded in 2004, will focus on the financing of plant and machinery.
As part of the deal, Capex Asset Finance director Warren Badger has been appointed commercial director of Anglo Scottish and will oversee operations in the Midlands and South.
Anglo Scottish, which was established in 2007, is an independent business finance broker and provides a range of services across the UK including asset finance, business loans and vendor and dealer finance.
Both Anglo Scottish and Capex are part of the Maxxia Group which offers asset funding and management services.
Mr Badger said: “The merger made commercial sense and came at just the right time.
“Both businesses performed strongly in their respective regions but together, under the Anglo Scottish banner, we can aggressively grow the company, pushing into new markets and leveraging our wider geographical terrain.
“With offices in the Midlands, Anglo Scottish can now easily cover the Manchester area and expand deeply into the capital.
“This is an extremely exciting time for the business and why I wanted to be part of the merger.”
David Foster, managing director of Anglo Scottish Asset Finance, added: “We are an extremely ambitious company that is focused on growth but not at the expense of quality.
“The merger with Capex not only provides us with superior geographical terrain and ways to widen our service offering, it also means we can further improve customer experience, investing in new systems and streamlining our processes to make them even more efficient.
“With the combined strengths of both companies under the Anglo Scottish name, the future is set to be extremely bright and prosperous.”