Close Brothers to acquire Irish motor finance specialist Bluestone Motor Finance
Close Brothers has agreed to acquire Bluestone Motor Finance, a significant player in Ireland’s motor finance market, for an undisclosed price in an all-cash deal. With this move, Close Brothers aims to expand its footprint and grow in the Irish motor finance sector.
The acquisition is in line with Close Brothers Motor Finance’s long-standing commitment to the Irish market, where it has aided over 130,000 customers in financing vehicles. The company strategically opted for Bluestone Motor Finance, citing a shared vision in terms of values and high service standards for both dealer partners and end customers.
Bluestone Motor Finance comes with a strong management team and an established network of over 650 dealer partners. Their focus on prime and specialist segments in the Irish motor finance market aligns well with Close Brothers’ existing offerings. Customers have given Bluestone’s services an ‘Excellent’ rating on Trustpilot, further underlining the synergy between the two companies.
In terms of digital capabilities, both Close Brothers Motor Finance and Bluestone Motor Finance have made significant investments. Bluestone’s online application process is considered industry-leading in Ireland, and their partnerships with online car platforms like DoneDeal and CarsIreland.ie provide substantial market reach.
Seán Kemple, CEO of Motor UK and Retail Finance Ireland at Close Brothers, said: “Investing further in the motor finance market in Ireland has been a strategic priority for Close Brothers. Bluestone Motor Finance is the right business. We’re excited about expanding the Close Brothers brand, our expertise, and our product range, to the Irish market.”
Donal Murphy, Managing Director at Bluestone Motor Finance, commented: “Today we join a company with deep history and experience in the Irish and UK motor finance industry. We believe that Bluestone Motor Finance being acquired by Close Brothers will enable us to offer a wider product range to both car buyers and motor dealers.”
The deal is anticipated to close in Q4 2023.