The company’s portfolio includes invoice finance, asset finance, business loans, and asset-based lending. Credit: Andrei_R / Shutterstock.

Time Finance has announced significant changes to its senior management team, reflecting an expansion of roles and responsibilities.

The company said that the move is part of its five-year growth plan, aimed at bolstering its role in providing financial support to UK SMEs.

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Steve Nichols, who previously served as asset finance director at Time Finance, has been promoted to managing director of asset finance.

In the new role, Nichols is tasked with delivering the group’s asset finance results, a key component of Time Finance’s service offerings.

Sharon Bryden, who has been serving as group head of operations, will now take on additional risk responsibilities within the Invoice Finance division.

Lorraine Neyland has been appointed as group risk director, which reflects her broad risk management responsibilities across the entire group.

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Time Finance CEO Ed Rimmer said: “I am delighted to oversee these changes in our senior management team. Steve, Sharon, and Lorraine have amassed a great deal of industry experience, and it is so important to have dynamic, talented and reliable leaders to work alongside.

“I look forward to working together more closely with the senior management team to make the 24/25 financial year our most successful yet.”

Time Finance specialises in offering a range of funding solutions, assisting over 10,000 UK businesses in accessing the finance they need to pursue growth.

The company’s portfolio includes invoice finance, asset finance, business loans, and asset-based lending, catering to the diverse financial needs of its clients.

Last month, Time Finance was accredited as a lender under the Government’s Growth Guarantee Scheme (GGS).

The move aims to support small businesses by providing essential funding to facilitate investment and growth.