In brief

Total asset finance new business grew in November 2021 by 5% compared with the same month in 2020, according to new figures released by the Finance & Leasing Association (FLA). In the 11 months to November 2021, new business was 16% higher than in the same period in 2020. The plant and machinery finance and commercial vehicle finance sectors reported new business up in November by 35% and 7% respectively, compared with the same month in 2020.

Close Brothers Asset Finance’s Transport team has appointed three area sales managers. Savio Zuzarte will focus on Milton Keynes, Bedford and Northampton and surrounding areas. Zuzarte has a background in commercial banking, as well as health & safety and employment law. Ashley Haithwaite will be responsible for engaging with the transport sector across Kent, including Maidstone, Sevenoaks, Ashford, Dover and Folkstone. Gavin Martin will be responsible for the South West.

Specialist invoice financier, Pulse Cashflow Finance has announced the appointment of Terry Wolfendale as senior regional director. He will be responsible for supporting the growth plans of businesses across the Midlands region. Wolfendale has experience in bank-owned and independent invoice finance businesses from Lloyds Bank, RBS and Bibby Financial Services. He spent the last two years setting up and growing commercial finance brokerages, most notably Newable Commercial Finance, which completed £30m of lending to UK businesses during the pandemic, according to the company.

Specialist asset-based lender Ultimate Finance provided funding of more than £1.9bn to UK SMEs in 2021, with over 1,300 new facilities to help keep business moving. The business posted strong growth of its loan book to a record high of £280m. Ultimate Finance also recently announced £220m in new wholesale funding facilities. This year marks the company's 20th birthday with over £10bn of funding delivered for SMEs in this time, the company said in a release.

Global law firm Reed Smith has announced the addition of asset finance lawyer Andrew Harper to its Transportation Industry Group. Harper, a senior associate, joins from White & Case where he specialised in aircraft, ship and rail finance, but originally trained and qualified as an associate at Reed Smith’s London office in 2010. Harper’s experience focuses on structured international aviation finance and leasing transactions.

Time Finance has appointed Michael Freebury as head of sales in its invoice finance team responsible for Wales. Freebury, who has worked in the business finance sector for over 25 years, started his career as a BDM at Bibby Financial Services and later became a regional sales director at Close Brothers before returning to Bibby. In his most recent role he was responsible for generating awareness of Bibby’s product offerings across South Wales and South West England.

The Finance & Leasing Association (FLA) has ushered in the New Year with the appointment of Mike Randall as a board director. Currently CEO of Simply Asset Finance and Chair of the Leasing Foundation, Mike Randall has over 35 years’ experience in the asset finance sector, having held many senior positions. Before Simply, Randall had an 11-year career with Close Brothers Asset Finance and Leasing, having held posts as CEO and MD.

Alfa, a global provider of asset finance software and services, has announced a successful project go-live with PEAC Finance. Completed in July 2021, the project delivered an Alfa Systems upgrade alongside its integration of new business from Barclays Asset Finance, acquired by PEAC on 30 June. The Alfa Systems version 5.6 upgrade offered PEAC access to risk-free interest rate product support and usage-based billing facilities.

BNP Paribas Leasing Solutions has issued its first securitisation on behalf of its affiliate BNP Paribas Lease Group SA. The €500m transaction is the first-ever public securitisation on professional equipment leasing contracts in Europe with the placement of all tranches to investors. Isabelle Loc, CEO of BNP Paribas Leasing Solutions, said: “The success of this first transaction will allow BNP Paribas LS to extend its service offering ... which consist mainly of mid-size companies and SMEs in the real economy.”

Shawbrook has expanded its corporate lending team with the appointment of Matt Fannon, who has joined the specialist bank as director as part of an effort to extend its presence in Leeds and its reach across Yorkshire and the North East of England. Fannon has 20 years’ experience in banking and has spent the last 10 years at Allied Irish Bank (AIB), specialising in acquisition finance, leveraged finance and cash flow finance.