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12 Nov 2009 10:50
12 November 2009
S & U PLC ("S&U" or "the Company")
Acquisition
S&U, the main market listed home credit and motor finance lender, today announces the acquisition of J&C Smith, a Teesside based home credit company with gross assets at date of acquisition of approximately £0.75m. The acquisition has been financed out of S&U's existing facilities. S&U continues to seek home credit acquisitions in line with its strategy of investing in organic growth and careful acquisitions.
Mike Mullins, home credit Managing Director, said:
"We continue to expand our home credit operations through acquisition and organic growth. Smith's is an excellent quality business, will be immediately earnings enhancing and will form the basis of a new branch in Teesside that we will open in January".
For further information please contact:
S&U plc www.suplc.co.uk
Anthony Coombs, Chairman 0121 705 7777
Charles Stanley Securities
Mark Taylor / Freddy Crossley 020 7149 6000
Smithfield
Reg Hoare / Katie Hunt / Rebecca Whitehead 020 7360 4900
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