Changing market identities
End of an era as Wesleyan calls time on Syscap brand
Brian Cantwell examines the continuing EU central bank funding for UK leasing and the path ahead
Syscap, the IT lessor formed in 1990 by Parry Mitchell and bought by Wesleyan Bank in 2015 as a route into the UK SME market, has been absorbed into the wider Wesleyan brand.
The lessor had been the starting point for many in the leasing industry’s careers, and was formed at around the same time that Vik Locke started publishing Leasing Life, around 1989/1990.
The end of the brand book-ends a period of disruption for IT leasing, which has weathered changes in assets offered to businesses as the technology curve has progressed.
Client businesses have moved from hardware to software and from internal IT assets to cloud software, while large scale IT infrastructure projects have also been less frequent because of the challenge of it becoming obsolete more quickly.
In the same breath there have been opportunities for IT lessors as businesses have sought to upgrade their tech: in October 2017 FLA members reported a 4% rise on October 2016 figures for IT leasing.
Crucially, the UK market is changing, and with new names seeking an access point and lead generation for credit and lending into the UK market.
Steve Deutsch, chief executive of Wesleyan Bank, said: “The rebrand underpins our strategic growth plans to fund more business directly from Wesleyan Bank and provide a broader range of flexible finance solutions within our chosen markets.
“Whilst we have been working as one team for some time now, the decision to unify our operations under a single identity has been welcomed by our customers, vendor partners and staff alike.
“These positive changes will enable us to hit the ground running in 2018 which promises to be an exciting year for Wesleyan Bank. But more importantly, as a stronger combined business, we are better equipped than ever to offer enhanced solutions and digital services that are tailored to the needs of our customers.