All articles by Fred Crawley
Fred Crawley
New hires at Associated Commercial Finance
After news of hires at several prominent lease brokers in recent months, Cheltenham-based Associated Commercial Finance (ACF) is the latest to take on new senior staff. At the end of last year, ACF took on board Mark Banks (formerly involved in large corporate lending for Bank of Scotland) , Ranjit Jutley (recently a broker manager at Lombard) and Andy Moore (a former leasing specialist at Norton Folgate).
New appointment at Vantis, but losses in 2009
Accounting and advisory group Vantis has appointed Paul Connell to a position in its commercial and asset finance team. Connell has held several management positions in the leasing industry and has purchased, invested in and sold a number of asset finance brokerages. Connell has experience in a number of asset sectors, and will specialise in providing advice for clients looking to find and secure appropriate asset finance products for their needs.
Lithuanian leasing worsens losses for Danske Bank
Major problems in Danske Banks Lithuanian leasing business have caused the banks national subsidiary to report a fifteen fold increase in pretax losses, from 8.7 million in 2008 to 131.9 million in 2009. Some 135 million in loan loss provisions were set aside by Danske Bank in Lithuania in 2009, compared to just 16.5 million in 2008
Paradise lost
New leasing regulations in Germany are expected to force the closure of many small lessor firms. In a market dominated by such family-run organisations, the consequences for the industry are likely to be far-reaching Hundreds of small German leasing companies face serious trouble this year, as tough new regulations and a continuing refinancing crisis combine to create a perfect storm among the ranks of Mittelstand lessors.
Brokers left in cold as axe falls on secondary rental income
Latest move by Siemens Financial Services reminiscent of Haydock Finance. An arm of Siemens Financial Services (SFS) UK has broken with the long-standing tradition of selling assets to brokers once they have come off lease, Leasing Life has learned. Broadcastle, SFS UKs small-ticket lender, has bypassed brokers in a number of deals and sought to sell assets directly to customers.
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New means of survival for brokers
Broker trade body the National Association of Commercial Finance Brokers (NACFB) has announced the launch of a new member services initiative, intended to provide its members with more ways to sustain themselves while funders remain thin on the ground. The plan is for commercial finance brokers of all kinds to have access to types of finance beyond their areas of specialism, therefore gaining extra income streams. So far, the NACFB has confirmed insurance providers Legal & General and Towergate Risk Services are involved in the scheme.
Ex-BoS staff find new homes at brokers
Despite missing out on a job in the newly created asset finance arm of Lloyds Banking Group, many of Bank of Scotlands (BoS) top leasing personnel have found success elsewhere. One company, Premier Asset Finance Ltd, is looking to take on new staff, after a successful start in the leasing business. Founded by Mark Ripley and Kevin Davidson, former directors of Bank of Scotlands asset finance operation, Premier operates across the whole of the UK from its headquarters in Edinburgh.
Green’ furnace funding request presents underwriting dilemma
As an MP calls for lessors to support the UK recycling sector, Fred Crawley asks whether banks can afford to take a risk on green asset residuals A recycling company in Kent has finally secured funding for new machinery from Barclays Bank, prompting fresh political pressure on funders to finance assets in the green sector.
Video conferencing comes to vendor finance
A new video conferencing provider with experience of sales aid leasing in Scandinavia has set its sights on growth in the UK, using leasing to pursue a greater share of the SME market. Easymeeting, a joint venture between Norwegian video conferencing provider Avikom and British reseller and installer Quest Mark, was founded in 2009 with the intention of introducing video conferencing in the SME sector.
Life in the industry yet
A new report by market information provider Plimsoll reveals the winners and losersin the UK leasing industry A new report by UK market information provider Plimsoll has determined that the British leasing sector is returning to health, despite many companies having been weakened by the last two years