2:50 am, May 10, 2010
SOUTHERN Finance has been acquired by private bank R. Raphael & Sons in a deal announced today.
The independent finance firm has been part of privately owned Lenlyn Group since 2005.
Raphaels Bank is also a member of the Group and its full acquisition of Southern Finance is said to ‘give the motor finance specialist the ability to extend its range of services for the retail motor trade’.
Miles Roberts, joined Southern Finance as Managing Director in 2005 and subsequently was appointed CEO of Raphaels Bank in 2009.
He is now set to become more involved in the Southern Finance business again, as it becomes a Division of the Bank, and is excited about its prospects as result of the acquisition.
‘The motor finance market has changed radically over the last couple of years with the result that many motor retailers have much less choice when it comes to offering finance to potential customers,’ said Roberts.
‘Our goal with the acquisition of Southern Finance, making it a wholly owned subsidiary of the Bank, is to give motor dealers a more flexible choice that is more in tune with their commercial and customer needs.’
