Acquires Amber Credit

Close Premium Finance has acquired Amber Select, the premium finance company known as Amber Credit.

Amber Select was previously owned by Skipton Building Society.

The deal involves CPF’s parent, Close Brothers Limited, purchasing 100% of the issued share capital of the company for £2 million.

Amber Credit provides premium finance facilities to a wide range of insurance brokers, and funding solutions to several non-insurance sectors.

Bob Golden, Close Premium Finance chief executive said: “This acquisition is excellent news both for Close and for Amber Credit’s existing brokers.

"What CPF is able to offer Amber Credit brokers is certainty of funding during a difficult period in the markets and access to systems, products and services unsurpassed in the industry.

"The deal brings to CPF an excellent quality broker base. We look forward to working with the brokers to enhance their profitability and efficiency and to bring value to their client base.

"Close will continue to seize opportunities to grow its business as the credit crunch bites in order to enhance and cement the long term nature of the business. It is important to brokers that they can be confident that their premium financier is stable, has deep sources of funds, looks to the long term relationship and provides an excellent service.”