Northampton-based broker Portman Asset Finance has made an internal hire to replace the outgoing managing director.

Sales director Rory Dunn will take on the role. He will be replacing Alex Read, who has been chairman of Portman since co-founding the company in 2007.

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Dunn is also a managing director of Harrington Finance, which is a branch of Portman and supplies finance for luxury supercars. He is also director of Boost Trampoline Parks in Northampton, which former chairman Read founded in 2016. Portman helped providing finance for the trampolining equipment when the business was set up.

Dunn said: “Firstly, I’d like to thank Alex for getting Portman Asset Finance to the strong position it is in today.

“In just a decade, he’s taken it from a small-scale start-up to a multi-million pound business, which works with more than 40 finance providers. We have grown the team to more than 50 people but I’m proud that, as a company, we remain committed to supporting smaller businesses.”

Read said: “When I launched Portman Asset Finance with my wife Georgie, our aim was to provide flexible and affordable loans to smaller businesses, much like ourselves. In the years since, we’ve helped more than 10,000 companies to achieve their commercial goals by securing over half a billion pounds in funding.

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“Having recently invested heavily in our marketing department, and launched a new luxury vehicle finance service, we are in a strong position to grow the business even further.

“I am delighted to formally welcome Rory to the role of managing director and I am confident that, with his extensive sales background and knowledge of the industry, he will provide the strategic focus to help us achieve our goals.”

Portman works with major lenders such as Investec, Hampshire Trust Bank, Hitachi Capital and Aldermore.