Stratton Finance bucks the trend with Finance Plan buy
16 October 2008
Stratton Finance today announced it has acquired Sydney-based Finance Plan Australia Pty Ltd, including the Lowest Rates business, effective immediately.
In contrast with the shrinking footprints of businesses across Australia, this latest acquisition adds a significant New South Wales presence to Stratton's nationwide network. The Sydney office will serve as a base for extending the reach of Stratton's finance and insurance solutions.
Rob Chaloner, Managing Director of Stratton Finance said, "Stratton Finance has been looking for the right opportunity in New South Wales for some time. Ben Seale and Walta Kazzi have built a solid business. The quality of Finance Plan's strategy and operations was immediately obvious, and this acquisition has the potential to deliver significant cost benefits. Despite the current economic uncertainty, our long term strategy continues to pay dividends. This deal makes excellent strategic sense for our company and our stakeholders. We've worked hard to ensure that there's considerable depth to our customer base and our retention figures remain strong - making this acquisition possible."
"Finance Plan represents a significant opportunity to further develop Stratton's business in New South Wales. The Finance Plan business complements our existing presence in Melbourne, Brisbane, Perth and Cairns, and will deliver additional growth opportunities in the sizeable Sydney and greater New South Wales markets, as well as increasing our ability to provide face-to-face product and service delivery to customers," said Chaloner.
Finance Plan is a market leader with an established customer base in New South Wales. Stratton will convert Finance Plan's operations to the Stratton brand immediately, with all staff and management retained. Customers of both companies can be confident that their current finance arrangements remain unchanged.
About Stratton Finance
Stratton Finance is a leading provider of finance and insurance solutions in Australia, writing more than $200 million annually in car finance alone. Established in 1998, the business has experienced 100 per cent growth each year for the last four years, offering an extensive range of finance and insurance solutions including car finance, equipment finance, property finance, boat finance and insurance broking.
For further information please contact:
Manager, Marketing & Communication
(03) 9685 9729
0449 996 729
(03) 9685 9701
0418 105 054