Arrow Global finalises acquisition of Mars mortgage business

Credit management service Arrow Global Group finalised its acquisition of Mars Capital's UK and Irish mortgage servicing business on Friday.

The agreement, proposed on 31 August, has seen Arrow absorb Mars' mortgage unit for £15.5m, a move that the firm said "further strengthens" its UK position in addition to the "strategic entry" afforded to the firm in Ireland.

Lee Rochford, chief executive, said, "Mars Capital now forms an important part of our growing asset management business, and will play a key role in continuing to move capital light revenues towards 30% of the Group's total. The acquisition also adds significantly to our UK secured servicing capabilities and provides a low-cost, strategic entry into Ireland: a new market for Arrow."

As of 1500 GMT, shares had gained 2.54% to 383.75p.