Acquisition

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