In recent years, Wesleyan has developed a highly successful business model providing tailored financial advice and products to select professional groups, notably GPs, hospital doctors, dentists, teachers and lawyers.

Commenting on the newly announced deal, Syscap managing director Philip White said: “Syscap has always been committed to making decisions that will benefit both our customers and our business goals. This news means that the work we do in the professional and IT leasing space is now supported by Wesleyan’s strong list of personal and commercial finance services. We look forward to joining a group with a strong heritage and a keen eye for the future.”

The announcement follows Syscap’s recent commitment to the IT channel and comes in the lead up to the company’s 25th birthday.

Wesleyan’s chief executive, Craig Errington commented: “This is an exciting acquisition for us; Syscap is a strong, successful business that operates in professional markets very similar to our own. They also have the same strong focus on quality specialist service, based on a real understanding of their customers’ needs.”

Bryan Jackson CBE, Wesleyan chairman added: “This acquisition is a clear intent of our desire to increase the range of services available to our customers while building on our existing capabilities.”

In 2014, for the third year in a row, Wesleyan was named 'UK Insurance Company of the Year' by international magazine ACQ.

ACQ magazine is a leading monthly title for the Mergers & Acquisitions advisory community and is read by more than 106,000 senior executives around the world.

Syscap’s 69 staff are to remain based in their current offices in New Malden and Northwich, UK.

In 2014 Syscap announced a 12% increase in new business volume to £140 million, a 6% EBITDA growth to £1.8 million and a 5% growth in origination income to £5.7 million.

In addition, productivity (volume per head) increased by 12% and average deal size was up 9% to £36,000.

At the time Philip White said: “As Syscap approaches its 25th anniversary we remain well positioned for long term, profitable growth based on our core sales, marketing, credit and portfolio management competencies and our overall innovative approach to business.”

The acquisition was facilitated by a fund advised by AnaCap Financial Partners LLP. AnaCap was advised by IMAS Corporate Finance with legal advice provided by CMS. Management was advised by Marriott Harrison.