Star Asset Finance acquires Credo Holdings

Norwich-based Credo was established in 2005 as an independent provider of asset finance.

The company has a growing own-book portfolio, coupled with brokered finance supported by a number of industry funders.

The company will continue to be run by its management team of Simon Gray, Ian Tims, Mark Skipper and Trevor Parsons.

The transaction will see Credo join forces with other asset finance companies in the group’s portfolio including Kennet Equipment Leasing, Ignition Credit and First Capital Finance.

The group is set to generate more than £200m annually in new business finance.

Steve Swift, CEO of SAFL, said: “When we started this journey to build a formidable UK SME asset finance platform, our acquisitions were always going to be companies that would complement and strengthen our group.

“I’m delighted to welcome Credo to the SAFL stable. On the back of great customer service, the team has built the leading independent asset finance provider in its home market with significant further growth potential.”

Simon Gray, managing director of Credo, said: “This move will allow us to continue supporting customers with our exemplary level of service while providing us with capital to further develop Credo as part of a dedicated and fast-growing UK asset finance group.”