- Financial services group Manx Financial said it had acquired 10% of leasing, hire purchase and business loan provider Rivers Finance.

Manx said the shares had been allotted to its Bradburn unit at no cost and credited as fully paid up.

As part of the transaction, Bradburn had been granted two warrants to acquire further shares -- the for 5% and the other for another 5% of the company.

The second warrant was dependent upon contracting for an integrated wholesale funding agreement.

'Currently, the subsidiaries of Rivers Finance benefit from banking facilities totalling £6.25 million from the bank,' Manx said.

'This increase in shareholding continues the group's strategy of developing the bank's own network of specialist lenders to resilient market sectors in the UK.'

Story provided by