All articles by Jared Fortune
Jared Fortune
UK government failing on economy say brokers
Four-fifths of UK brokers believe the government is not sufficiently active in bringing about economic growth and two-thirds feel the economic climate has negatively affected their businesses. An online survey by United Trust Bank (UTB), a broker funder, revealed 82% of brokers working in bridging, development finance and asset finance feel the government could be doing more to stimulate UK economic growth The findings come soon after the release of second quarter figures from the Office for National Statistics revealed a 0.7% fall in the output of the economy between April and June, plunging the UK deeper into the recession
Lloyds targets more lending with restructure
UK lender Lloyds TSB Commercial Finance has restructured its sales team in a bid to provide businesses with greater access to senior funders and target more of the asset-based finance market. Each of the banks regional teams will have three sales leaders who will focus businesses by size, targeting businesses with turnovers of up to £15m, £15m to £100m, and £100m and above. Ian Larkin, managing director for Lloyds TSB Commercial Finance, said the restructure will enable the banks asset-based finance sector to work more closely with divisions across the wider banking group to provide funding products which most closely fit companies individual requirements and growth strategies.
Barclays leads ?57m lend
The new facility,provided together withLloyds TSB and Clydesdale Bank, will enable SMS to fund the purchase of meter assetsand equipmentover the nexttwoyears. The deal was led byAndy Hall,head of Business Development at Barclays,along with Alan Riddell of the Business Development team, and Mark Lamb, head of Asset Finance with Barclays Scotland.
Ladies who lease
Londons Claridges hotel played host to leasing industry celebration with a difference last month when the thirdannual Ladies in Leasing dinner and wine tasting event The event, hosted by recruitment managers of New Leaf Search, allowed the ladies of the leasing world to relax, network, and share ideas as they wined and dined in the Mayfair suite. Katherine Amin, New Leaf Searchs recruitment director, said the event gaveher firmthe opportunity to thank thewomenfor their co-operation and support whether the relationship is relatively new or long-standing.
Shoosmiths helps seal ?5.7bn
The UK law firm Shoosmiths has assisted Hitachi Rail Europe (HRE) secure a £4.5bn(5.7bn) government contract to build and service 596 rail carriages Beside a fleet of 92 new intercity trains, the30-yeardeal, approved byUK Transport SecretaryJustine Greening,will see up to 900 new jobs created. HRE owns 70% of rail consortiumand rolling stock lessorAgility Trains, which will subcontract the manufacturing oftheelectric and bi-mode trainsunder theIntercity Express Programme to replace Britains diesel fleet.
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Lex’s 14-peak challenge for BEN
Lex Autoleases Dave Prole has conquered Englands fourteen highest peaks in a bid to raise money for BEN, the automotive industry charity.
CIT business up, debt pay-off loss
CIT Vendor Finance, the equipment leasing division of CIT Group, detailed pre-tax losses for the second quarter of 2012 of $12.1m (9.8m) which was down year-on-year from $28.8m pre-tax profit but a significant improvement on $113.1m loss recorded in the first quarter this year. CIT said in its financial statement the loss was due to lower gains on asset sales and lower net FSA accretion partially offset by improved finance margin and lower credit losses
RBS chief joins Leasing Foundation as governor
Emergent European leasing group, The Leasing Foundation, has revealed Chris Sullivan, chief executive of the UK Corporate Banking Division of Royal Bank of Scotland (RBS), as its first governor and patron. The Leasing Foundation was launched earlier this month with the stated objective of supporting the leasing industry by providing organisation for charitable activities and research which advances asset finance. The non-for-profit groups director, Andrew Denton, said Sullivans knowledge of the sector, as well as a continued affinity with leasing, makes him an apt candidate for the role
Fleet Friday: UK figures, sales, people and deals
The weekly round-up of UK fleet news including FLA and Manheim statistics, Honda sales, Lex people, and Isuzu and TIP three-year agreements The UK business new car sector accounted for £600m in finance across 42,134 purchases, growing 26% by value and 34% by volume year-on-year in May according to figures from the Finance & Leasing Association.
Engineering professor joins Angel board
Dame Julia, a member of the Engineering & Physical Sciences Research Council and non-executive director of the Department of Business, Innovation and Skills, is the first female to take up a place on Angel Trains board.