Mann Island Finance, which employs more than 140 staff across its four offices in Liverpool, Stirling, Edinburgh and Stevenage, has been bought to develop Investec’s asset finance offering and activities.
John Hughes, Mann Island director, said: “We’ve known the Investec team for quite some time and have developed strong existing relationships particularly in the commercial vehicle market for light commercial vehicles and heavy goods vehicles which we will now look to develop.
"At the same time, we will also continue to evolve our highly successful finance brokering business which has been the foundation of our success for so many years.
“There is a great cultural fit between our organisations and we are both excited and delighted to have Investec as our new shareholders.
"An evolving regulatory environment now overseen by the FCA requires ever more professional and well managed customer focused businesses and, being part of an organisation like Investec, will assist us in delivering that together with best in class customer service."
Jo Jenner, Investec Vehicle Financing Division Managing Director, added: "The acquisition of an established player in the vehicle finance market with a reputation for high integrity and the opportunity to continue working with the existing senior management team at Mann Island represents an excellent opportunity to develop the business as a key part of the wider Investec Asset Finance Group."
The Manchester office of law firm Addleshaw Goddard advised Investec. The team was led by corporate finance partner Roger Hart and included associates Helena Drury and Rabia Burton and tax partner Michael Hunter.
Mann Island was founded in 1991 and was owned by the Liverpool car dealership Robert Smith Group, which sold the Mann Island site on Liverpool's waterfront to the North West Development Agency for £9 million in 2002.
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