Elephant Loans and Mortgages has agreed in principal to acquire Financial Trade Partnership. FTP’s shares have been suspended whilst Elephant await approval from FTP’s shareholders, though the deal is still in its infancy. Legal and financial due diligence must still be completed and the deal may even be subject to approval by independent shareholders.
By acquiring FTP, Elephant will assume control of their services to brokers including the management of compliance and operational costs, training, and product and sales support. Elephant hope the acquisition of FTP will help to boost performance, with the company enduring a loss in the first half of the year and expecting a similar performance in the second half.
Elephant Loans Agree in Principle to Acquire Financial Trade Partnership
Wed, 16 Apr 2008
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