Seascope To Buy Finance Specialist GFL

British shipbroking group Seascope Holdings Plc will acquire shipping finance specialist GFL Ltd for $2.8 million. GFL, which made pre-tax profits of $638,334 in the year to April 30, 1999, will be combined with Seascope's capital services division, a company spokesperson said. The company was set up by investment bankers Andrew Cameron and Valentine Flynn in 1987 to specialize in structuring and arranging asset-based financing in the transport and shipping industries. "This acquisition demonstrates our commitment to broadening our earnings base in non-cyclical marine services," said Duncan Hill, chief executive of Seascope. "GFL is complementary to our existing division. It will fast-track our financial services strategy by a couple of years," he said.