Dentons advises Rcapital on its acquisition of Shopacheck Financial Services
March 11, 2014 // Franchising.com // London - Dentons has acted for Rcapital, the London-based private equity investment company, in their acquisition of Shopacheck Financial Services (SFS), the home collected credit business, from Welcome Financial Services Limited.
The transaction will see SFS merge with Rcapital’s existing home collected credit business, Morses Club Limited (MCL), building on the best from both organisations. The revenue of the newly formed business is expected to be in the region of £80 million.
Birstall-based (West Yorkshire) SFS is currently the number two in the UK home collected credit market, behind Provident Financial plc. Combining MCL, currently ranked at number four, with SFS will form a new business with over 500 employees and 2,100 agents, creating the largest independent home collected credit business in the UK. Its combined work force and products will bolster its loan offering to customers and communities nationally.
Jonathan Polin, partner in Dentons' Corporate practice, said: "We were delighted to advise our longstanding client, Rcapital, on this transaction. The work follows on from our representing them in their acquisition of MCL in 2009, when legacy firm Denton Wilde Sapte (now Dentons UKMEA) acted for the administrators of London and Scottish Bank and legacy firm Salans (now Dentons Europe) acted for Rcapital. Our team provided the gamut of legal skills and services and the result should help safeguard hundreds of jobs."
The Dentons team was led by Jonathan Polin and included partners Richard Garvan (Banking), Martin Fanning (TMT), Michael Bronstein (Employment), Rosali Pretorius (Regulatory), Chris Denny (Real Estate) and Marian Boyle (Insurance). Walker Morris acted for Welcome Financial Services Limited.
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