Business law firm, DWF, has advised Renovo Group plc, the Manchester-based cash-shell, on its deal to buy business lender Ultimate Finance Group plc.

The cash and shares deal, which was announced on 22 July 2013, values Ultimate Finance at more than £19 million. Under the terms of the acquisition, Ultimate Finance’s shareholders will receive 6p in cash and 1.05 new Renovo shares for each share held in Ultimate Finance subject to a mix and match facility.

Leading the deal was Frank Shephard, Head of DWF’s North West Corporate team, assisted by Lisa Stavropoulos, associate; Lucy Shenton, solicitor; Tom Lister, trainee solicitor and Haydn Rogan, tax director.