Solihull-based credit and motor finance lender S&U has announced its northern subsidiary, SD Taylor Limited, has acquired the home credit business of Ambassador Financial Services Ltd.

The acquisition has been financed out of S&U's existing cash facilities.

S&U said it is continuing to seek home credit acquisitions in line with its strategy of investing in organic growth and careful acquisitions.

Mike Thompson, SD Taylor managing director, said: "We continue to expand our home credit operations through acquisition and organic growth. Ambassador Financial Services Ltd is an excellent quality business, which will complement our existing growth in the central belt of Scotland.''

Ambassador has gross assets of approximately £500,000.