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Matt Roper Credit: Close Brothers

Close Brothers has confirmed that Matt Roper, CEO of Invoice & Speciality Finance, is to be Neil Davies’ successor as CEO of the bank’s commercial business, from 1 August (subject to regulatory approval).

Roper joined Close Brothers over five years ago as Group Chief Credit Risk Officer before moving to his current role of CEO, Invoice & Speciality Finance.

Davies, who has been with Close Brothers for 15 years, joined as Director, Close Brothers Leasing, in November 2008 and became CEO of Leasing and Rentals in January 2014. He was then appointed as CEO of Close Brothers Asset Finance and Leasing in April 2016.

Adrian Sainsbury, CEO of Close Brothers Group, said: I’m delighted Neil will be staying on with Close Brothers working in a part-time position [where he] will be responsible for the development of strategic initiatives across the Bank including leading on potential future growth prospects."

The UK Government has announced plans to lease a giant Bibby Marine barge to house around 500 asylum seekers off the Dorset coast.

The Bibby Stockholm barge has been leased for “at least 18 months”, according to a Home Office press release, from Liverpool-based Bibby Marine, which specialises in hiring vessels to house off-shore workers, mainly for the energy sector.

Although the government has not released any costing information on the leasing deal, the Home Office has described it as "significantly cheaper than hotels", which the government says is costing £6m a day. The Evening Standard has reported that “estimates have put the overall price tag of the charter and the berthing at more than £20,000 a day”.

The 222-bedroom Bibby Stockholm barge is to be moored at Portland Port in Dorset and provide accommodation for single male asylum seekers while their claims are being processed.

Law firm Stephenson Harwood has promoted 11 lawyers to its partnership, effective from 1 May, including asset finance specialist Jeffrey Tanner.

Tanner has been with the company since June 2014 and has just been named a partner in the firm’s finance group. Based in Singapore, he specialises in asset finance, structured debt (covering limited recourse, ECA, multi-tranche, private equity and lease finance structures) and projects across the maritime, offshore and energy sectors.

He is also experienced in coordinating large-scale, international, multi-practice group transactions spanning corporate M&A, sale and purchase, joint ventures, project development and restructurings.

“These talented lawyers have demonstrated their commitment and leadership, by providing exceptional support to our clients,” said Eifion Morris, chief executive of Stephenson Harwood.

Total asset finance new business (primarily leasing and hire purchase) grew in February 2023 by 20% compared with the same month in 2022.

In the first two months of 2023, new business was 13% higher than in the same period in 2022, according to new figures released by the Finance & Leasing Association (FLA).

The business new car and commercial vehicle finance sectors reported new business up in February by 46% and 24% respectively, compared with the same month in 2022.

The plant and machinery finance sector also reported new business growth of 18% over the same period.

Geraldine Kilkelly, director of research and chief economist at the FLA, said: “The asset finance market reported a tenth consecutive month of new business growth in February which was more broad-based than in recent months.

"Asset finance new business provided to SMEs and larger businesses increased in February by 16% and 28% respectively.

The Spring Budget saw the UK government introduce a new capital allowance regime, the successor to the now defunct Super Deduction.

Chancellor Jeremy Hunt replaced the Super Deduction tax relief with a three-year Full Expensing regime from 1 April during last week’s Spring Budget. 

Under the new regime, UK companies will be able to write-off the full cost of qualifying plant and machinery investment from taxable profits. 

Full expensing is only available to companies subject to Corporation Tax, which the Chancellor raised from 19% to 25% during the Budget announcements.

The hike in Corporation Tax, paid on company profits, was first suggested two years ago by Rishi Sunak when he was Chancellor under PM Boris Johnson.

Sunak said at the time that raising Corporation Tax was justified as a means of clawing back Covid public spending from 2020/21.