Thorn sells financial services arm
Norton Rose Fulbright has advised Thorn Group on the sale of assets associated with its wholly owned business.
Firm: Norton Rose Fulbright (Thorn Group); Undisclosed (Credit Corp)
Deal: The Thorn Group has been advised on the sale of assets associated with its wholly owned business, Thorn Financial Services, to Credit Corp Group (Credit Corp).
Key players: The Norton Rose Fulbright legal team was led by partner Ben Smits, with assistance from associates Vianna Shing and Shanil Lal, as well as banking and finance partner Nuncio D’Angelo and senior associate Robert Murphy.
Deal significance: According to a statement from Norton Rose Fulbright, Credit Corp acquired the business, which provided small consumer loans under the banner Cashfirst.
The sale is expected to complete in November 2017.
“Full credit to Thorn Group for realising this sale on the remainder of their book in the midst of a lively secondary debt market,” said Norton Rose Fulbright partner Ben Smits, who advised Thorn Group on all legal aspects of the transaction.
“It was a pleasure to work closely with the Thorn team and help contribute to this strategic and beneficial outcome.”