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Hampshire Trust Bank (HTB), a provider of development finance and asset finance to UK SMEs, has closed its asset finance division to new business, impacting vehicle stocking. 

HTB’s asset finance division generated £170m in net leasing for the 2021/2022 financial year, according to Asset Finance Policy. 

Effective immediately, the decision comes as a strategic move to optimise the use of HTB’s regulatory capital, which has been diminishing due to the bank’s rapid expansion. 

Despite the profitability of other divisions within HTB, the asset finance division has been identified as less profitable, leading to this decisive action. 

The bank emphasises that this move does not reflect the performance of the asset finance staff, who have been commended for their high-quality service. 

HTB said it will continue to provide funding and support to both new and existing asset finance lenders through its block discounting and wholesale speciality finance division. 

This redirection of resources is aimed at bolstering the bank’s position in other specialist lending areas.

The Finance & Leasing Association (FLA), a trade body for the asset, consumer and motor finance sectors in the UK, has announced the appointment of NatWest‘s Paul Edwards to its board. 

Edwards brings over a decade of experience from his tenure as managing director of Lombard and Special Businesses at UK-based NatWest to the FLA’s leadership team. 

During his 12-year stint at NatWest, Edwards has held several significant roles. Before taking on the role of Lombard and Specialist Businesses, he was responsible for leading the commercial mid-market business in the South West and Wales. 

Edwards said: “I’m very much looking forward to joining the FLA board. Sharing members’ views with stakeholders is critical to support the growth and success of the industry and I am delighted to play a role in this discussion.” 

In August 2024, the FLA disclosed new lending figures for H1 2024, which saw its members provide £76.7bn across the asset finance, consumer finance, and motor finance markets.

A new finance brokerage named Coast has been launched by the team behind Dawsongroup Finance, offering finance solutions for businesses of all sizes across a broad range of commercial assets. 

Based in Ringwood, Hampshire, Coast aims to provide a stress-free service to businesses nationwide, from SMEs to larger enterprises, enabling them to access finance for assets ranging from vehicles and machinery to IT equipment. 

Billy Hart, Head of Sales at Coast and Dawsongroup finance, explained the rationale behind the new venture. “Over the years, the Dawsongroup finance team has unearthed a huge amount of funding opportunities which could have been facilitated through a brokerage service – and that was the genesis of Coast,” said Hart. 

He added that Coast will allow Dawsongroup to offer a more comprehensive service. Dawsongroup Finance, which focuses on lending for hard-wheeled assets, will continue operating as before, with Coast providing additional brokerage services to help customers finance a broader range of assets.

Solifi, a software vendor to the automotive and asset finance sectors, has announced a majority investment from private equity firm TA Associates. The financial terms of the transaction have not been disclosed. 

Solifi intends to use the investment to fund its growth strategy, which includes product innovation, market expansion and delivering enhanced value to its customers. Thoma Bravo, a software investment firm, will maintain its stake in Solifi. 

Solifi CEO David Hamilton said: “TA’s expertise scaling companies will be a significant value-add for Solifi as we look to expand our business and reach our full potential as a leading provider of end-to-end solutions for the secured finance market.” 

Legal counsel for TA in this transaction was provided by Goodwin Procter. Solifi was advised financially by Jefferies, with Kirkland & Ellis LLP offering legal counsel.  

Solifi is engaged in providing scalable front-and back-office software help customers to efficiently manage their asset finance portfolios.

The National Association of Commercial Finance Brokers (NACFB) has announced the appointment of Jim Higginbotham as its new Chief Executive Officer (CEO). With over 30 years of experience in the commercial finance sector, Higginbotham brings significant expertise to the role. 

Higginbotham most recently served as Group CEO at STAR Asset Finance, where he led the brokerage through a transformative period. His leadership included enhancements to the risk control framework, upgrades to IT infrastructure, the centralisation of core business functions across four previously independent brokerages, and a 50% increase in the group’s balance sheet. He has also held senior positions at Lombard, Barclays, and GE Capital, developing a strong background in asset finance, risk management, and stakeholder engagement across various financial sectors. 

Higginbotham steps into the role at a crucial time for the NACFB, which has recently surpassed 1,300 member firms. The trade body now represents over 2,750 registered commercial finance brokers and more than 160 commercial lender patrons.