Despite the financial crisis of 2008 causing a series of job losses within Bank of Scotland’s asset finance operation, many of the banking giant’s top leasing personnel have found success elsewhere in the industry.
One company, Premier Asset Finance Ltd, is looking to take on new staff, after a successful start in the leasing business. Founded by Mark Ripley and Kevin Davidson, former directors of BoS’ asset finance operation, Premier operates across the whole of the UK from its headquarters in Edinburgh.
Having opened its doors with a sales staff of one in July 2008, the introducer now employs 12 ex-BoS personnel, with an average experience of 15 years. By 2011, Premier wants to reach every conurbation in the UK through 18 staff.
Ripley said that Premier’s business strategy is based on his team’s relationship management experience, with sales staff in the field conducting face to face meetings with customers whenever possible.
In early 2009, another new asset finance business called T&L Leasing Ltd was founded by former BoS staff.
The Chester-based business, which specialises in funding transport and logistics assets, went into business with a panel of 14 funders.
“[Bank of Scotland] had a number of highly profitable niche businesses that were closed because of the wider group funding problems that existed,” said Phil Snewin, one of the company’s founders and directors.
“We approached a number of European and Middle Eastern banks and were genuinely surprised by their willingness to get involved and help plug the gap in the market,” he added.
The three-man team at T&L is made up of Phil Snewin, a 25-year BoS veteran who was formerly head of transport and logistics at the bank; Paul Lewis, formerly head of commercial vehicles at BoS; and Darren Hallmark, who was also part of the transport team at BoS, as senior national accounts manager.