All articles by Fred Crawley
Fred Crawley
Sutton gears up to lobbying role as FLA chair
Chris Sutton has been through a steep learning curve in asset finance since assuming the chair of the Finance and Leasing Association (FLA) in May
Book up for grabs as Fortis Lease exits retail finance
Fortis Lease is to exit the retail motor finance market in the UK, in a move that could give new funders the opportunity for a market entry by acquiring its book. It is understood that many of Fortis smaller dealer finance links have already been wound down, with larger relationships including those with stocking facilities attached to be concluded by the end of the year. The decision was made by BNP Paribas Lease Group, which has managed Fortis leasing operations in Europe since parent bank BNP Paribas took over the Belgian group in October 2008.
Brokers enter motor finance
UK asset finance brokers of all kinds are dipping their toes into motor finance, as business remains tough in their own sectors.
Five Arrows acquires Print Finance
Five Arrows Leasing Group (FALG) has acquired broker turned lender Print Finance plc, providing new competition in the UK print market. Print Finance, founded in 1990 by managing director Paul Coggins, is known as a print finance introducer, but also maintains a lease book believed to have a value in the single-digit millions.
Listed lessor 1pm in profit
Listed SME lessor 1pm has returned to profit in the first quarter of its financial year driven by a £1.1 million equity issue in March, and is now looking for more funding.Thanks to funds raised by the issue, new business volumes in the quarter leading to end-August were 402 percent up on last year, significantly ahead of management expectations AIM-quoted 1pm has not released the profit figure for its first quarter.In total, the company wrote £1.7 million of new leases in the quarter, compared with £2.5 million for the whole of the last financial year Its lease portfolio grew to £7.7 million at the end of August from £6.6 million at the end of May.If the company stays profitable in its second quarter, ending with November, it is expected to gain more access to block funding lines
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KEF seals European vendor deal
Key Equipment Finance (KEF) has been named European finance partner for CFS, a major manufacturer of food preparation, processing and packaging equipment. KEF, based in Colorado USA, will provide finance for CFS customers mostly food suppliers across several European territories. The announcement was made on the same day as another American vendor specialist, CIT group, expanded its vendor finance partnership with computer supplier Lenovo into Europe.
CIT poised to make a comeback
The US technology specialist is fired up and ready to lend, writes Fred Crawley. Only eight months out of bankruptcy protection, the US lender has posted stronger-than-expected second-quarter profits of $142.1m (112.1m), on $1bn worth of new business.
German outlook: ‘schwarze null’
German new business growth has outstripped that of the UK for the second quarter, figures from the countries leasing associations show.
Competition heats up
An unfamiliar factor is starting to appear in the strategic considerations of Britains lessors competition.
Private money to fuel a new small cap lessor
A new business fund could set a precedent for private investors in leasing, writes Fred Crawley. A new asset finance fund drawing on money from wealthy private individuals is poised to start lending Should the scheme provide good returns to its pioneering funders, it may set a precedent for much wider involvement in leasing by private investors.