Close Brothers Group PLC has announced its agreement to acquire Bluestone Motor Finance, a provider of motor finance in Ireland. The cash deal is expected to be completed in Q4 2023. Bluestone Motor Finance has originated over €450 million since its inception in 2014 and had loans under management of €132 million at the end of 2022. The acquisition is in line with Close Brothers' commitment to Ireland as a strategic market and represents a milestone in its commitment to delivering disciplined growth in its Retail business.
Adrian Sainsbury, Group Chief Executive of Close Brothers, expressed his delight at the transaction, stating that Bluestone Motor Finance has delivered impressive growth and will complement Close Brothers' Motor Finance presence in the UK and Ireland. He also welcomed the Bluestone Motor Finance team to Close Brothers and expressed excitement about expanding their presence in the Irish market.
Peter McGuinness, Managing Director of Bluestone Group, expressed his confidence in the business flourishing under Close Brothers' ownership and delivering strong outcomes to customers. He also mentioned that Bluestone Group looks forward to continuing its relationship with Bluestone Motor Finance and building a new relationship with Close Brothers through its technology business, Fignum.
Close Brothers Motor Finance, the motor finance business of Close Brothers Group, has over a decade of experience in the Irish market and has helped over 130,000 customers finance vehicles. The acquisition of Bluestone Motor Finance aligns with Close Brothers' commitment to growth in the Irish motor market and its focus on maintaining high standards of service for dealer partners and customers. Bluestone Motor Finance has an established distribution network of over 650 dealer partners and a specialized lending approach that aligns with Close Brothers Motor Finance's offering.