It has now been confirmed that the factoring book of GMAC Commercial Finance has been put up for sale as the parent company looks to pull out of UK operations entirely.
This is rather sad as those of us who have been around a while will know that this company started life as International Factors which was a subsidiary of the then Lloyds Bank and was regarded at the time as the market leader as well as a leading innovater. Lloyds Bank also had another factoring subsidiary in the rather down market Alex Lawrie Factors and it was decided to keep this company and sell off International Factors thus starting the downward spiral from market leader to the relatively unknown that it is today.
It would be ironic if the assets were bought by Lloyds TSB thus completing the circle.
Posted under Factoring companies, GMAC Commercial Finance
This post was written by Ian on September 17, 2009
Indeed a sad day for all (again going back to the IFL days) but no surprise the decline amd redundancies have been happening slowly over 10 years or more. Credit to those staff who are still there and experienced the “highs and lows” and emotional turmoil
The latest rumour doing the rounds is that Centric is in pole position to take over the GMAC book
I may be a bit behind on this one but I’ve heard tonight that Close are buying GMAC. I’m sure that any unwanted clients will soon be introduced to an IP.
Rumours have been confirmed that Close are about to take the majority of GMAC Clients.
That is good news but I fear that many of the staff won’t be so lucky and could be made redundant very shortly including some that have been there for well over 30 years