The deadline has been extended for talks over a potential £490m acquisition of Leeds-based unsecured consumer credit provider, International Personal Finance (IPF).
As reported late last month, discussions are underway with BasePoint Capital, a provider of asset-based financing in the US to specialty finance companies, regarding a possible cash offer by a wholly-owned subsidiary of BP PMKN LLC – an entity in the BasePoint group – to acquire IPF.
It has been confirmed this morning that an extension to the deadline for these talks has now been agreed.
It means BasePoint now has until 5pm on 24 September to either announce a firm intention to make an offer for IPF or to state that it does not intend to make an offer.
In its half year results published on 30 July, IPF reported profit before tax of £49.9m (H1 24: £47.3m), which it said was ahead of its internal plan and driven by good growth momentum across all its divisions.
The business’s customer lending increased by 11 per cent year-on-year, while customer numbers were unchanged at 1.7 million.
