Maxxia UK (Maxxia) has acquired UK asset finance broker Anglo Scottish, which will join the group of companies owned by McMillan Shakespeare Limited (MSL), an Australian listed company.

No financial terms were disclosed about the deal.

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Anglo Scottish directors and senior management team will continue to run and manage the business and Maxxia said current Anglo clients would experience no disruption.

A statement from Maxxia said the deal formed part of its UK growth strategy, and that it expected the UK’s alternative finance market to hit £5bn (€7.08bn) in November.

The Anglo Scottish deal follows Maxxia’s acquisition of CLM Fleet Management in 2013.

Maxxia said it was attracted to Anglo Scottish’s network of funder relationships and its technology platform, allowing it to offer a broader range of asset finance products.

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Anglo Scottish is expected to make use of Maxxia’s lines in vehicle contract hire, fleet management, operating leasing and structured finance, as well as added financial backing.

Roger Skinner, chief executive officer, Maxxia, said: "Anglo Scottish is a perfect addition to our business at this very exciting juncture in our growth plans. Our core mission is to provide our clients with the very best possible asset financing solution tailored to their business, whatever their needs. The Anglo Scottish team has deep market knowledge and an established network across the UK asset finance ecosystem that will bolster our ability to do exactly this, underlining our position as the trusted partner for asset financing."

David Foster, managing director at Anglo Scottish, said: "We are delighted to be joining Maxxia. Its strong focus on transparency and integrity, coupled with its impressive resources, makes it an ideal fit for us as we look to invest and expand our unique offering to our agents and customers. In addition, the group’s proven capabilities in areas such as vehicle leasing, fleet management, operating leasing and structured finance will allow us to provide a truly comprehensive service to clients.

"We see this as an excellent opportunity for our sales staff, agents and funding partners as we plan to increase volume considerably."