Financial companies in merger deal

INDEPENDENT Growth Finance (IGF) and Dynamic Commercial Finance (DCF) are merging in April 2005.

One of the four main operating bases of the combined business will be in West Malling and it will trade under the brand name of IGF.

Together the businesses will create a formidable player in the market with an annual client turnover of £750m.

As part of the review of operations Gary Davis and Phil Woodward have been appointed to the IGF Board. They have been responsible for growing DCF into one of the leading independent invoice finance firms over the last the years.

John Benner has joined as finance director with Mark O’Neil, recently appointed commercial director, playing a significant role going forward as a member of the new team.

Jeff Longhurst, IGF’s chief executive, said: “These appointments greatly strengthen the board of the combined business and provide the knowledge and experience to stimulate a period of further growth.

“This is an exciting time for IGF. The merger demonstrates our determination to become a significant, yet independent player in the invoice finance industry, a business built on solid foundations of people, products and service commitments to our clients.”

Dave Richards, co-founder of IGF, has left the group to pursue other business interests.

Mr Longhurst added: “Dave has spent seven years with me building IGF into one of the strongest and most profitable independent factoring companies in the market.

“I am delighted he has agreed to remain in a consultancy capacity, assisting with strategic developments including future acquisitions, which remains a key focus for the group.”

The combined business will employ 90 people and the aim is to become an attractive alternative to the larger bank factors, while continuing to work towards recognition as the leading independent provider of asset finance facilities in the country.

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