Manx Financial Group plc (LON:MFX), the holding company providing a range of diversified financial services to the Isle of Man and the United Kingdom, has announced that Neil Jeffery, a consultant with the Company’s subsidiary Payment Assist Limited (PAL), has been retained by Manx Ventures Limited, another wholly owned subsidiary of the Group, under a new consultancy agreement until August 2030. Mr Jeffery will continue his strategic and growth focused role supporting the launch of new products and activation of new domestic and international markets for PAL. The Group previously announced in the RNS released on 16 September 2024 that, following the acquisition, PAL had entered into a three year consultancy agreement with Mr Jeffery, the principal founder, from 1 January 2025.
The extended consultancy agreement provides PAL with the long-term stability needed to continue expanding “Buy-Now-Pay-Later” products into Ireland, mainland Europe, and the Middle East. The agreement, which includes customary warranties from both parties, together with restrictions on Mr Jeffery competing with PAL’s business, allows for a cash payment of up to £6 million during the term, subject to anticipated revenues and certain critical performance hurdles and milestones. This payment range is consistent with industry standards for the normal percentage commissions paid to business introducers.
PAL is a leading short-term lender in the UK automotive repair sector and will have increased its annual advances by 50% from £147 million in the two years from 2023 to an anticipated £220 million in 2025. Mr Jeffery’s leadership and industry connections have been pivotal to this increase, including securing high-value contracts and developing equity earning structures, including those announced by the Group on 23 July 2025.
Douglas Grant, the Group’s CEO stated: “Our current agreement with Neil has proven to be a fundamental factor in the continued growth of PAL and we are extremely pleased that we have secured his active and exclusive participation for an additional five years in order to continue the development of PAL’s offering. Both he and PAL see further opportunities in the increasingly competitive “Buy-Now-Pay-Later” sector and his contacts and market knowledge will be invaluable in the ongoing development of PAL’s portfolio. In particular, he will manage our Irish licence application as the initial step in the strategy to grow our footprint into Europe.”
