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Asset-based lender Davenham Group plc has continued to expand its business across the UK after acquiring a North Yorkshire-based commercial leasing and hire purchase specialist.

Manchester-based Davenham, which provides services to small businesses, added Manor Credit to its portfolio following a £25.1 million transaction.

The deal, which was paid in cash funded through debt, complements and strengthens Davenham’s asset-based lending operations. It also expands its loan portfolio and introduces new customers to its business.

Manor Credit was sold by London Scottish Bank plc as part of its plan to develop its Robinson Way and London Scottish Mortgages divisions.

Davenham provides loans of up to £4.5 million to small businesses in the UK. Its asset-based lending finances plant, machinery and equipment acquisitions as well as funding of stock, debtors and letters of credit.

The business was founded in 1991 and today has operations in Leeds, Birmingham, Liverpool, London and Newcastle.

Manor Credit is a commercial leasing and hire purchase business that specialises in providing asset-backed finance for small businesses to buy commercial vehicles and construction equipment.

The company, which is based near Huddersfield, had an un-audited profit before tax of £664,000 from a £2.9 million turnover in the year to November 2006.

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