All articles by Brendan Malkin
Brendan Malkin
People moves and (alleged) fruity fraudsters
The recession might be far from over and equipment values still look likely to drop further in most sectors (with print being an interesting exception see pages 34 and 35), but there are wider signs of hope in the recruitment market. At last, some leasing companies are crying out for fresh talent and, needless to say, with so many victims of the recession scrabbling around looking for work, they do not have to look far. Just look at the recent flurry of broker moves (pages 27 and 28) for an idea of how energetically leasing talent is being redistributed in 2010.
Tripling business in three years
Given the vast size of Santander now encompassing the businesses of Alliance & Leicester (A&L), Bradford & Bingley and Abbey and the fact last year it generated worldwide profits of £8.8 billion (10 billion), Mike Oxby, head of its UK leasing arm, says his unit has the best opportunities in the asset finance industry.
Badran joins BoA’s jet finance
Bank of America has just hired Alex Badran, one of the UKs biggest hitters in corporate jet finance in a move widely regarded as a major coup for the bank. Badran previously held a senior role at Cessna Finance, the leasing arm of Cessna, the corporate jet manufacturer owned by Textron Prior to Cessna, Badran, who has also worked at Barclays and GEs business jet arms, was head of sales at RBS Corporate Jet Capital arm.
Investec AF at centre of Cru saga
Investec Asset Finance is due to appear in court next month in connection with the Cru Investment saga The leasing company, which has emerged as a creditor of Cru Investment Management, has filed a winding-up petition against the company. Lawyers Blake Lapthorn Linnell are representing Investec Asset Finance
Lessors launch bids to buy General Capital
Leasing companies and finance entrepreneurs have launched bids to buy the remaining portfolios of the two General Capital companies that collapsed into administration earlier this month, Leasing Life has learnt Tarun Mistry, the head of leasing and advisory services at Grant Thornton involved in the administration, said that he had seen quite a lot of interest for the leasing portfolios of the two companies, General Capital Venture Finance Ltd and General Capital Finance Ltd. The companies asset finance business, which is larger than their two other arms which specialise in venture capital and property finance, has a portfolio of around 700 lease contracts to SMEs worth in total around £8 million plus interest
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Lloyds milks the HP market
Lloyds TSB Commercial Finance has gone all mooey by offering HP facilities on the purchase of cattle by farmers. Interest rates are fixed at the time of purchase and, according to United Auctions, “repayments are carefully scheduled to coincide with the sale of livestock, meaning the credit deal remains cash flow positive for the farmer”.
General Capital collapses into administration (Free)
General Capital Venture Finance Ltd and General Capital Finance Ltd have entered administration after spending the last 15 months winding down their portfolios. Tarun Mistry, the head of leasing and advisory services at Grant Thornton, confirmed that he had taken over as the administrator of the troubled companies that specialised in asset finance, venture finance and property finance.
ING Lease and Aldermore sign deal with Syscap
Last month, Syscap agreed with Royal Bank of Scotland an £8.3 million senior debt facility, a revolving credit worth £13.6 million and a £500,000 overdraft, according to latest public accounts filings. As well as having received confirmation of continued financial support from the directors of AnaCap, a private equity fund which owns major stake in Syscap, the lessor has also in recent weeks negotiated fresh wholesale finance facilities with ING Lease UK and Aldermore Bank.
Grenke grows in UK and Luxembourg
Despite the trend among most European leasing companies to avoid expansion during the current recession, Grenke Group has already in 2010 launched businesses in Northern Ireland and Luxembourg and has plans for further expansion later this year, it was revealed today. The group, which also reported that it had gained a new franchise partner in Luxembourg, expects to achieve new business growth in 2010 of 15 percent
Gidge said to have departed Syscap
The chief sales officer at Syscap, Mark Gidge, is understood to have left the IT finance and lease brokerage company. The move takes place amidst a time of growth for the lessor following an increase YoY during 2009 in the number of finance agreements it signed with vendors, combined with greater usage of its online portal.