Manx Financial Secures Long-Term Consultancy for Payment Assist's International Growth

Manx Financial secures Payment Assist’s growth architect to 2030 for BNPL push

Manx Financial Group (AIM:MFX) has locked in a long-term consultancy agreement with Neil Jeffery to drive Payment Assist’s domestic and international expansion through to August 2030. Jeffery is the principal founder of Payment Assist Limited (PAL) and has been instrumental in scaling the business since Manx acquired it.

This is a strategic move aimed squarely at growing PAL’s “Buy-Now-Pay-Later” (BNPL) products beyond the UK, starting with Ireland and then into mainland Europe and the Middle East. The agreement is performance-linked and includes non-compete protections to keep Jeffery fully aligned with PAL.

What Manx announced and why it matters

Here’s the core of today’s RNS (6 October 2025):

• Manx Ventures Limited, a wholly owned Manx Financial subsidiary, has retained Neil Jeffery under a new consultancy agreement until August 2030.
• Jeffery will continue to lead strategy and growth initiatives – launching new products and activating new markets for Payment Assist.
• The deal extends beyond the previously disclosed three-year consultancy from 1 January 2025.
• Compensation is performance-based, with a cash payment of up to £6 million during the term, subject to anticipated revenues and critical milestones.
• The agreement includes customary warranties and a restriction preventing Jeffery from competing with PAL’s business.
• First milestone in Europe: Jeffery will manage PAL’s Irish licence application.

Key numbers and strategy highlights

Consultancy term	Until August 2030
Potential cash payment	Up to £6 million (performance-linked)
International targets	Ireland, mainland Europe, Middle East
PAL advances growth	Up 50% in two years – from £147 million (2023) to an anticipated £220 million (2025)
PAL sector focus	Short-term lending in UK automotive repair

BNPL explained: BNPL is short-term, point-of-sale finance that lets customers split payments over time. PAL’s niche is financing UK automotive repairs, where speed, affordability and merchant integration are critical.

International expansion: Ireland first, then Europe and the Middle East

The RNS puts Ireland at the front of the queue, with Jeffery to manage the Irish licence application. That is a clear regulatory gate – success here would validate PAL’s model outside the UK and pave the way for European roll-out.

Mainland Europe and the Middle East follow as target markets. These regions vary widely in regulation and consumer behaviour, but PAL’s merchant-led, needs-based use case in auto repairs could travel well if the company secures the right partners.

Performance-based economics: up to £6 million tied to delivery

The consultancy allows for a cash payment of up to £6 million over the term, but only if anticipated revenues and critical milestones are hit. Manx frames this as consistent with normal percentage commissions paid to business introducers.

My view: this is sensibly structured. It aligns cost with growth and keeps fixed overheads low. The flip side is margin headwind in success scenarios – but those are the good problems to have. The RNS does not disclose the precise hurdles or timing of payments.

Proof of momentum: PAL’s advances up 50% to £220 million

PAL “will have increased its annual advances by 50%” over two years – from £147 million in 2023 to an anticipated £220 million in 2025. That is a strong trajectory for a specialist lender in a competitive BNPL market.

The RNS credits Jeffery’s leadership and industry connections, including high-value contracts and equity-earning structures (as referenced in the 23 July 2025 announcement). The message is clear: keep the rainmaker aligned for the next leg of growth.

What I like about this update

• Continuity of leadership: Extending Jeffery to August 2030 removes key-man uncertainty at a critical scaling phase.
• Clear international pathway: Ireland licence first, then Europe and the Middle East – a practical, stepwise plan.
• Aligned incentives: Up to £6 million is success-based, not guaranteed. That protects shareholders if growth slows.
• Demonstrable traction: A 50% rise in advances to an anticipated £220 million in 2025 shows the model is working in the UK niche.

What could go wrong

• Regulatory risk: Licences can take time and may come with conditions. The timing and outcome of the Irish application are not disclosed.
• Execution abroad: New markets bring different credit behaviours, regulations and merchant dynamics. Not all UK playbooks translate.
• Competitive pressure: BNPL is crowded. PAL’s advantage is its vertical focus, but rivals can target the same niches.
• Economics of success: Performance commissions (up to £6 million) will reduce margin on incremental growth – acceptable, but worth tracking.

Management’s tone and intent

CEO Douglas Grant calls Jeffery’s agreement “a fundamental factor” in PAL’s growth, highlighting his “active and exclusive participation” for an additional five years. The emphasis on exclusivity, non-compete and warranties suggests Manx has built a robust framework to protect PAL’s IP, pipeline and relationships during expansion.

What to watch next

• Irish licence application: filings, timing and decision.
• First international merchant wins: initial contracts in Ireland or Europe would validate cross-border demand.
• Updates on performance milestones: any disclosure around revenue triggers for the consultancy payments.
• Further detail on equity-earning structures referenced on 23 July 2025.
• Run-rate advances: evidence that the anticipated £220 million in 2025 lands as guided.

The small print: inside information now public

The company states this announcement contained inside information under the Market Abuse Regulation, and that upon publication it is now in the public domain. In plain English: the update is price-sensitive, and you’re now seeing it at the same time as the rest of the market.

My take for Manx Financial shareholders

This is a positive, execution-focused RNS. Manx has doubled down on the person who helped drive PAL’s 50% growth in advances and is now tasking him with replicating the model in adjacent geographies. The performance-based structure makes sense, and the first regulatory step – Ireland – is a sensible starting point.

The risks are typical of internationalisation: regulation, competition and operational complexity. But the prize is attractive, especially if PAL’s merchant network and underwriting discipline hold up abroad. For now, the direction of travel is clear: lock in leadership, take BNPL into new markets, and align costs with revenue. I’ll be watching the Irish licence and the first European contracts as the key catalysts from here.