Agreement to Purchase a Premium Funding Business

General Capital Limited
Level 8, General Capital House,
115 Queen Street, Auckland CBD
PO Box 1314, Shortland Street,
Auckland, New Zealand. 1140.
Phone +64 9 304 0145


General Capital announces Agreement to Purchase a Premium Funding
Business
General Capital Limited is pleased to advise that General Capital’s wholly owned
subsidiary, General Finance Limited, has entered into an agreement to purchase
100% of the shares in Bridges Financial Services Limited (BFSL), a Waikato based
insurance premium funding business.
General Capital’s Chairman, Rewi Bugo welcomes the purchase saying “We have
grown General Finance organically to date, but we have always been alert to
acquisition opportunities. We are pleased General Finance has been able to reach an
agreement to purchase BFSL.”
General Finance’s Chairman Don Hattaway commented “BFSL has a premium
funding referral agreement in place with sister company Bridges Insurance Services
Limited which was recently purchased by the Howden, the London based global
insurance group. The acquisition will strengthen our business in the Waikato and
through the entire North Island. We look forward to working with Mr. Bridges and his
team.
We are pleased that founder Ron Bridges will retain his role for the next three years
giving General Finance the benefit of Howden’s global skill and experience combined
with Mr Bridges’ local knowledge and reputation.”
Mr. Brent King, Managing Director said “We have had a strong last five years, and we
have been very cautious in managing our cash resources. We are expecting this
growth to continue. Adding another lending product will allow us to widen our client
base. Although the impact on NPAT will be positive but not material through to 31
March 2025 we believe this business with its low overheads, strong cashflow and
significant growth opportunities to be very attractive to the Group.”
Bridges Financial Services will form part of the same charging group as General
Finance for the purposes of the Trustee requirements under the Non-Bank Deposit
Takers Act and the purchase is expected to be completed by 1 November 2024.
ENDS
This announcement has been authorised by Brent King, Managing Director, General
Capital Limited.
For further Information please contact

Brent King
Managing Director

General Capital Ltd.
Brent.King@GenCap.co.nz
021-632-660

23 October 2024