Date Published: 10th May 2021
National professional services consultancy, Begbies Traynor Group has acquired leading finance broker, MAF Finance Group, previously known as Midlands Asset Finance, in a deal worth up to £11.75m.
Under the deal, the nationwide firm of finance brokers, which is headquartered in South Normanton, Derbyshire will become part of the Begbies Traynor Group, bringing a highly experienced 46-strong team of finance experts, as well as comprehensive industry expertise spanning construction, engineering, manufacturing, healthcare, agriculture and renewables, fleet management and vehicle leasing.
Working with a large panel of banks and alternative funders, MAF supports clients in accessing finance by arranging facilities for investment in new asset purchases, including equipment, vehicles and property, together with both refinancing and restructuring existing facilities.
It has a proven track record of success in the field, having successfully arranged finance in excess of £150million for clients during the last financial year alone. The team has grown rapidly in recent years, having invested in recruitment of experienced employees and broadening its product and sector expertise.
On joining Begbies Traynor Group, Dave Chapman, Director of Sales and Property at MAF said:
“This is an important step in our nationwide growth, while staying true to the Midlands roots and culture that made us what we are today. We will continue to trade under the MAF brand as a ringfenced broker, looking after our growing customer base, but with the all the benefits of being part of a wider group, which brings additional services to our clients, as well as the added value of a national office network across the UK.”
Sue Chapman, Managing Director at MAF, added:
“Since we founded MAF in 2009, our guiding principles have been about creating a fulfilling environment in which our talented team can thrive and provide the very best level of service to our clients. We instantly recognised the same approach with Begbies Traynor Group and a number of synergies between our respective service offerings and are excited about how this will support the next stage of our growth. Being part of a larger group will also present our staff with exciting opportunities to further enhance their careers.”
Ric Traynor, Executive Chairman of Begbies Traynor Group plc, commented:
“MAF is a true specialist in providing growth capital for investment and has developed excellent relationships with both clients and financial institutions over many years.
“As companies seek to bounce back from the pandemic, access to finance will be critical and the MAF team will prove invaluable in increasing the scope of support and advice we can provide to businesses across the UK whether that is through restructuring to survive or investing to expand and thrive.”
Ric qualified with Arthur Andersen in 1984 and founded Begbies Traynor in 1989. Ric specialises in practice management and has considerable experience in financial turnaround and dispute resolution within professional practices.