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Leumi ABL acquires a portfolio of clients from Coface
In a deal completed on October 11, 2011, Leumi ABL, the asset-based lending subsidiary of Bank Leumi (UK) plc, has acquired a portfolio of clients from Coface.
Commenting on the acquisition, Paul Hird, CEO of Leumi ABL, said: “This is another exciting development for the Leumi ABL team and builds on our very successful growth to date. We very much look forward to welcoming the Coface clients who will be joining us.”
Phil Woodward, managing director of Leumi ABL, added: “This deal continues our growth strategy and follows our purchase two years ago of the Charterhouse Commercial Finance client book. Since launching Leumi ABL five years ago, we’re proud to have
built a strong reputation in the mid-tier deal-making arena. We are very pleased to be able to extend our offering to assist the growth of these additional clients, whilst offering the flexibility, speedy decision making and personal approach for which we are known. As with our existing clients, Leumi ABL’s full asset-based lending capability will be available to support these new clients as their business needs evolve.”
Martin Risman, formerly of Coface, has recently joined Leumi ABL as regional sales director where his new role will involve overseeing the successful integration of the new clients within the Leumi ABL team and providing ongoing client relationship management from the Brighton-based head office.
Graduate startup wins major grant to drive NHS cost savings
Thoughtified, a startup company created by graduates of the Department of Computing at the University of Surrey, has won a major grant from the Technology Strategy Board.
The grant will enable the company, which is based on the Surrey Research Park, to work on the development of a participatory sensing system that will improve the management of NHS patient records in remote patient treatment. The web and smartphone hybrid system will enable significant cost savings for the NHS, through improved utilisation of resources and reducing the inefficiencies that are typically incurred in the treatment of patients at home.
The Technology Strategy Board grant is a matched funding award. The total finance raised for the project amounts to £94,000, through contributions from Thoughtified, Central Surrey Health, University of Surrey EPSRC KTA and the Technology Strategy Board.
www.businessmag.co.uk
Aaron Mason and Georgios Michalakidis, founders of Thoughtified, said: “We are delighted to have won this grant which recognises how our proposed system will meet a defined need within the NHS for better maintenance of patient records, saving them time and money.”
Thoughtified is a member of the SETsquared Partnership, the enterprise collaboration between the universities of Bath, Bristol, Exeter, Southampton and Surrey. SETsquared supports new businesses – both university spinouts and those from the wider community – through its business incubation and acceleration centres, as well as supporting student entrepreneurship. Over the past five years it has supported around 650 companies and raised nearly £0.75 billion in capital.
Keith Robson, director of research and enterprise support at the University of Surrey and chairman of the SETsquared Partnership, said: “I am delighted that the entrepreneurial
Xavier Denecker, managing director of Coface in the UK and Ireland, said: “Coface is discontinuing its receivables finance activity in the UK to focus on its core business, trade credit insurance. We are confident that our receivables finance clients will find at Leumi ABL the business understanding and quality of service they appreciated at Coface. We look forward to developing with Leumi ABL a strong partnership between receivables finance and insurance.”
Coface were advised and supported by Rupert Rawcliffe of Grant Thornton and Paul Scrivin-Wood of ABL Resourcing.
Details:
www.leumiabl.co.uk
efforts of Thoughtified have been supported by the Technology Strategy Board to help them in this important work. SETsquared and the University seek to help student enterprise through our research park and the SETsquared business support network and Georgios and Aaron have set high standards in launching what is potentially a very successful business.”
Details:
http://www.thoughtified.com
There’s nothing that says you have to use envelopes to send offers or newsletters to your customers. At SOLO we’ve packed letters into boxes, bags, tubs, tubes, filmcans and bottles. We’ve enclosed brussels sprouts, pennies, sand and slippers, tickets, letters, brochures, shower heads, stickers and stress- balls!
If it needs to be sourced, assembled, packed or prepared... Talk to the packaging and enclosing professionals at SOLO.
The next Deals Update will appear in our December/January 2011 issue
PLUS: Deals Roundup summaries in a bumper Corporate Finance feature to end the calendar year. Be part of it
Deadline for submissions is Monday Nov 14
If you would like to submit deal information or to advertise on this page contact:
Tanya Liddiard • 0118-9766411 •
tanya@elcot.co.uk Elcot Publications is not responsible for the accuracy of information in the deals update section which is supplied by individual firms
THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2011
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