More details have been released on the aquisition, by Black Horse the consumer finance brand of the Lloyds TSB Asset Finance Division, of Kingsmead, the IOM consumer finance company.

A statement from Black Horse says "the deal means that Kingsmead customers together with Andrew Garfield, a current Kingsmead director and his team, will now join the UK’s market leader in motor, bike, caravan and motor home finance."

It goes on to quote Mr Garfield: "This deal presents all of our customers past, present and future the opportunity to share some of the additional benefits that a major player such as Black Horse can offer. I am also very pleased that all of my team have been offered roles with Black Horse.”

Ronnie Herbert, the senior Black Horse manager on the Island says that they are keen that the transition for customers from Kingsmead to Black Horse is seamless and for most customers no action on their part will be necessary. However they will be writing to everyone introducing themselves and explaining what if any changes need to be accounted for.

The news does mean another Manx concern is now owned "off Island."