Lloyds TSB Group PLC has announced that its subsidiary, Lloyds TSB Commercial Finance Limited, the leading provider of factoring, invoice discounting and asset-based lending, has acquired CashFriday, the leading provider of funding and payroll services to the UK temporary recruitment sector, for a consideration of Ј10 million. The net asset value of the business being acquired is Ј2m.
Under the terms of the transaction, CashFriday will operate as a subsidiary of Lloyds TSB Commercial Finance. The acquisition will provide growth opportunities for both Lloyds TSB Commercial Finance and, the previously privately owned, CashFriday.
