Syscap acquired by Wesleyan Group

Finance company Syscap has been acquired by mutual financial services specialist Wesleyan.

Syscap, which specialises in IT leasing and asset finance, recently announced it has ring-fenced £50m to re-establish itself in the channel. In an effort to sign up more resellers the firm says it has revised its barriers to entry, introduced an online training programme and launched a new rewards scheme.

Syscap says customers in the channel should see no difference to its service.

Philip White, who will remain Syscap MD, says: “Syscap has always been committed to making decisions that will benefit both our customers and our business goals. This news means that the work we do in the professional and IT leasing space is now supported by Wesleyan’s strong list of personal and commercial finance services.”

Wesleyan’s chief executive, Craig Errington, comments: “This is an exciting acquisition for us; Syscap is a strong, successful business that operates in professional markets very similar to our own. They also have the same strong focus on quality specialist service, based on a real understanding of their customers’ needs.”

Wesleyan chairman, Bryan Jackson CBE, adds: “This acquisition is a clear intent of our desire to increase the range of services available to our customers while building on our existing capabilities.”

There will be some board level changes with both Syscap chairman John Allbrook and CFO Steven Dunne stepping down, although Dunne will remain at the company for the next six months to oversee the transition period. Sean Read, meanwhile, will become director of sales and marketing.

Syscap’s 69 staff will remain based in their current offices in New Malden and Northwich.