Spring Finance has announced that its chief executive and owner, Andrew Bloom, has completed the acquisition of Masthaven Finance.

Bloom was the founder, majority shareholder and chief executive of Masthaven Group and Masthaven Bank from 2005 to 2020, when he sold his controlling stake and stepped down as chief executive.

In October 2021, Bloom purchased Spring Finance before growing the company to the place it is today, having trebled both business volumes and head count, and launched several new lending products and divisions.

During 2023, he had the opportunity to purchase the remaining assets of Masthaven and this transaction completed in October 2024. A fundamental part of this transaction was Masthaven reverting to a non-bank lender which has now taken place, and the new combined entity with Spring will trade as Masthaven Finance.

As part of a wider transaction, many ex-Masthaven staff have joined Spring, with a number more joining in the coming months.

Bloom commented: “This transaction has been two years in the making, and I’m delighted to have finally got this over the line. I founded Masthaven as its sole shareholder in 2005, transformed it into a full UK challenger bank in 2016 and sold it in 2019. To say I’m delighted to have got it back is an understatement.

“Combining it with Spring is a natural fit, and it made sense to trade as Masthaven Finance. Myself, and the senior management team, are committed to returning Masthaven to its former position as one of the industry’s leading specialist finance lenders.”

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