with an appetite for higher-risk, broker introduced business.
Dost, began trading in the UK at the start of February after 10
years of operation in Ontario in Canada. It hopes to write between
£5 million (€5.7 million) and £10 million in its first year.
Broker relationships will be handled by broker manager Paul
Fenton, formerly of Universal Leasing, and senior broker manager
Brian Jerome, formerly of Black Arrow Finance and Red Arrow
Leasing.
Although London has not traditionally been the first step for a
Canadian company expanding internationally, Dost – who has been
planning the new start-up for the last three years – said: “The UK
has twice the population and three times the leasing market that
Canada has, and unlike the United States, it has one major
metropolitan area from which that market can be reached.”
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He added: “Add to that a mature broker market, the familiar
legal set-up, and the opportunities for moving into the EU, and you
can see why the UK was a natural choice for us.”
According to Dost, business will be approached calmly at first:
“We don’t want to drown ourselves in sales, nor do we wish to under
service our broker partners.
“As a third-tier funder we have high margins, and are looking to
achieve stable, consistent growth.”
Should things progress as planned in the UK, D&D will
continue onwards to France or Germany, before looking to enter the
CEE sometime in the next five years, said Dost.
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By GlobalDataIn the longer term, the company is making plans to move to
India.
