Peter Thomas steps down from Leasing Foundation as new board confirmed

Peter Thomas has stepped down from his role as executive director of the Leasing Foundation. Thomas, a Leasing Foundation co-founder, will be concentrating on developing a new global network looking at the future of finance, as chief executive officer and founding partner of THEORICA, formerly the Future Finance Network. He will continue working with many former and current foundation colleagues on a range of issues beyond equipment and asset finance. His move comes as a new board line-up is announced focused on technology leadership, young people and diversity and inclusion.

Startline Motor Finance secures new funding from JP Morgan as growth continues

Startline Motor Finance has secured a new £325 million credit facility from multinational investment bank JP Morgan in its latest phase of growth since launching in Glasgow six years ago. It is the second arrangement of its type between the two companies, following a successful £250 million facility issued at the end of 2017. The funding deals reflect rapid expansion at Startline Motor Finance, which ended the first quarter of 2019 with business volumes up more than 20% on the same period last year, while its headcount has doubled to 80 people.

NVM Private Equity invests £2.2m in Quotevine

Quotevine, the provider of Software-as-a-Service solutions for the asset and automotive finance industries, has received £2.2 million in funding from private-equity firm, NVM. The UK based investors’ backing of Quotevine will support UK growth over the next three years and will be used to invest in developer and operations workforces as it expands. Quotevine helps asset and automotive finance companies modernise operations and create opportunities from disruptive technologies such as the Internet of Things and artificial intelligence.

UK automotive sector misses out on revenue worth £25 billion due to lack of finance

Growing UK automotive businesses are missing out on revenues worth £25 billion because they lack access to finance that would unlock potential growth, according to new research. Analysis carried out by Wyelands Bank found that 96% of mid-sized automotive manufacturers with a turnover of £10 million to £300 million said they were held back due to a lack of finance. Each of the 305 automotive firms included in the study claimed that the difficulties raising finance meant each company missed out on an average of £24.8 million in revenues, and an average of 24 new contracts, which would have created 21 new jobs.

UK asset finance market grows by 11% in first quarter of 2019

Asset finance new business (primarily leasing and hire purchase) grew by 11% during Q1 2019 compared to the same period last year, according to new figures released today by the Finance & Leasing Association (FLA). New finance for manufacturing and construction equipment increased by 25% and 26% respectively, compared to Q1 2018. The growth followed a strong market in March, which grew by 11% year-on-year, with including particularly high growth in commercial vehicle finance and IT equipment finance sectors.