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Finance purchase

Chester-based finance company The Funding Corporation Limited has acquired two credit and leasing businesses - adding £70 million to its motor finance book.

Sister companies County Leasing and Finance Limited, based in Swansea, and Benton Finance Limited, based in Newcastle-upon-Tyne, will come under the TFC umbrella from April 2005. They have each been acquired from Five Arrows Leasing Group, part of NM Rothschild Banking group.

The two operations will be used to grow TFC's presence across the country, with County's expertise, albeit currently confined to South Wales, being used to develop a national contract hire and leasing business, and Benton being used as a base for growth in the North East.

Benton will also come under the TFC umbrella from April 2005 and will herald the start of an immediate growth programme in the region, with a wider range of financial products becoming available to motor dealers in the North East.

Customers will be unaffected by the merger. County Leasing and Finance was created by former Wales and British Lions rugby international David Richards in 1983. Benton Finance is a North East based regional finance company, specialising in providing finance solutions for the funding of new and used cars, motorcycles and light commercial vehicles via a network of approved motor dealers.

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