Classic Funding Group to sell business to CML Group
We wish to advise all our customers, partners and suppliers that Classic Funding Group is currently in formal discussions with CML Group Limited (ASX:CGR) regarding the sale of our business.
This is being announced on the ASX today.
Neil Sinden, Classic Funding Group’s Chairman, is working with Daniel Riley CEO of CML Group Ltd to conclude the transaction as soon as possible. “I’m proud of our staff and all that Classic Funding Group has achieved. The deal has full support of the board to deliver a positive future for our employees, customers, suppliers and partners.”
Classic Funding Group has grown significantly since 2013 when the current business structure was established. Paul Rathbone, CEO, comments “ Classic’s product suite of Equipment Finance and Confidential Debtor and Trade Finance complement the CML offerings with very little overlap. Once the acquisition is completed CML will be able to provide a broader range of working capital solutions to their and our introducer and customer base. I believe that the market does need to consolidate and the scale that is achieved by the acquisition will benefit CFG’s employees, introducers and customers.”
Business continues as normal for Classic Funding Group, our staff across Australia are committed to ensuring both our prospects and customers receive service as usual.