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Bibby Financial Services has appointed Jim Davis as managing director for construction finance.

He has been with BFS since 2011, having joined from Yorkshire Bank to take on the role of head of sales for the West Midlands and most recently served as managing director for export finance.

In his new role, he heads up a team of 50 in BFS’s construction finance team, focusing on people development, training and collaboration between the sales and operations teams to drive product development and growth.

Davis (pictured) said: “Extended payment terms from large contractors continue to hinder growth for subcontracting businesses. Construction finance provides SMEs in the sector the working capital they need to operate in a market where there are few alternative funding options.

“The sector has faced many challenges in recent years, from the collapse of Carillion to continued uncertainty surrounding the UK’s departure from the EU. It’s more important than ever that subcontractors have the support they need to thrive and grow. I’m looking forward to developing BFS’s Construction Finance offering to alleviate some of the pressures these businesses face.”

Bibby Financial Services serves more than 10,000 businesses worldwide and has more than 40 operations in 14 countries spanning Europe, North America and Asia.

Sharon Wiltshire, commercial director at BFS, said: “We’re proud of recognising and retaining the talent we have within our business so we’re delighted to appoint Jim as the managing director for construction finance.”