GLI Finance buys P2P firm Sancus in £37m. deal
Sancus started operations in Jersey at the beginning of the year and has already loaned more than £40m. of local cash within the islands.
Some of that lending has been with GLI Finance, a Guernsey-based company listed on the Alternative Investment Market, which already held a minority stake in the business.
Now the bigger business has bought the CI entity for £37.75m. The deal was confirmed late last week. Both businesses said that their ambitions could be realised quicker as a result of the deal.
Sancus, which has six staff in the islands, will continue to lend in the CI market and operate as normal.
'I am excited about the prospects of joining GLIF,' said Sancus CEO Andrew Whelan, who will become a member of the GLIF executive team in the new role of director of lending.
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