Manx Financial strikes deal to retain Payment Assist founder to 2030
Manx Financial Group PLC on Monday said it has extended Neil Jeffrey’s consultancy agreement at subsidiary Payment Assist Ltd, which he founded.
The Douglas, Isle of Man-based provider of financial services to commercial and retail customers said the new consultancy agreement will last until August 2030.
The company said Jeffrey will ‘continue his strategic and growth focused role supporting the launch of new products and activation of new domestic and international markets’ for Payment Assist.
In September 2024, after it acquired PAL, Manx Financial said it had entered into a three-year consultancy agreement with Jeffery, the principal founder of the business, from January 2025.
The firm said the extended agreement provides it with ‘long-term stability’ to continue expanding buy-now-pay-later products into Ireland, Europe and the Middle East.
The agreement allows for a cash payment of up to £6 million during the term, subjected to anticipated revenue and performance milestones.
PAL is a short-term lender in the UK automotive repair sector, and expects to increase its annual advances to £220 million in 2025 from £147 million in 2023.
‘Our current agreement with Neil has proven to be a fundamental factor in the continued growth of PAL and we are extremely pleased that we have secured his active and exclusive participation for an additional five years in order to continue the development of PAL’s offering,’ said Chief Executive Officer Douglas Grant.
‘Both he and PAL see further opportunities in the increasingly competitive ’buy-now-pay-later’ sector and his contacts and market knowledge will be invaluable in the ongoing development of PAL’s portfolio. In particular, he will manage our Irish licence application as the initial step in the strategy to grow our footprint into Europe.’
Shares in Manx Financial Group were up 5.4% to 28.99 pence in London on Monday morning.
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