SCF receivers sell another asset
Receivers of South Canterbury Finance have sold a half share of insurance funding company Financial Synergy to founder David Hair and Sectarian Securities Limited.
Receivers of South Canterbury Finance have sold a half share of insurance funding company Financial Synergy to founder David Hair and Sectarian Securities Limited.
No price was disclosed for the 50% stake held by South Canterbury.
SCF receiver Kerryn Downey of McGrathNicol says the sale allows South Canterbury to fully recover a loan to the company, which was last recorded at $464,000 according to a report by KordaMentha.
Financial Synergy is a specialist insurance premium funding company whose core business is in providing premium funding options to corporate and commercial companies through a network of insurance brokers throughout New Zealand.
The company has operated on a largely stand-alone basis from the rest of the SCF Group since FSL’s establishment in October 2002.
Managing director David Hair says he is pleased to be able to advance plans to develop and grow the company.
“FSL has successfully navigated itself during the SCF receivership and is in great shape,” he said in a statement.
“It’s a positive result that FSL will remain a privately-owned New Zealand company we need more stories like this for the New Zealand economy to continue to grow.”
Mr Hair was not immediately available for comment.
Duncan Bridgeman
Mon, 01 Aug 2011
Mon, 01 Aug 2011
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SCF receivers sell another asset
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