Genesis Asset Finance Ltd, the family-owned CBILS accredited lender, has announced the completion of a Management Buy-Out. Brothers Andrew and Eddie Frost, current Directors, have assumed control of the business from the founding shareholders Jeremy and Kathryn Frost.
Since its launch in 2000 the Glossop-based independent lender has provided hire purchase and leasing solutions to business across the UK. Specialising in non-standard credit profiles the company is able to provide tailored solutions to borrowers with circumstances that require a personal approach. In 2019 Genesis was accredited by the British Business Bank plc under the Enterprise Finance Guarantee programme and has been an accredited Coronavirus Business Interruption Loan Scheme (CBILS) lender from the scheme launch in March 2020, processing over £3.5m in applications to date.
Andrew Frost said: “The completion of the management buyout is another exciting chapter in the history of the company. Since it’s founding 20 years ago the business has always been focussed on delivering a personal service to borrowers, manually underwriting each request and tailoring facilities to suit the borrower’s unique circumstances; we look forward to continuing to deliver those high levels of customer service.”
Eddie Frost commented: “Despite the many challenges this year has brought we are delighted to have completed the buyout. Andrew and I are incredibly grateful to Jeremy and Kathryn for their leadership over the last 2 decades and for building the strong foundations that will enable us to continue to grow the business.”
Andrew and Eddie were advised by a team from HURST lead by Mike Jackson and Liz Gallagher with legal advice provided by Stephen Hadlow of Brabners LLP.