UK asset finance provider Haydock Finance has launched a stock finance division.
The company said the launch is in response to synergies with Haydock’s core business of SME funding identified by management over the last 12 to 18 months.
Stock finance, stocking or inventory finance is a cost-effective way for vendors and dealers to purchase assets such as cars, vans and trucks for their forecourt, enabling them to improve stock levels and maximise on sales.
Joining Haydock stock finance is Simon Bryant, who previously led stock finance divisions at Lombard, BNP Paribas and Macquarie.
Bryant (pictured here) will work alongside newly appointed Karen Mouatt, who will take the position of operations manager. Mouatt also has extensive experience and joins Haydock’s new division having headed the Lombard stocking operations team.
Mouatt (pictured above) said: “I am delighted and very excited to not only be joining Haydock Finance but to be offered this amazing opportunity to be included in a team at the beginning of such a unique project.”
Bryant said: “I am delighted to be joining Haydock at a time when they are continuing to expand and post record new business numbers even through the current situation. With dealer cashflow such a priority, I am looking forward to creating a market-leading stock finance offering, bringing further liquidity to the sector from a new entrant, but one which has a rich history of supporting clients in the good times and the bad.”
Andy Taylor, Haydock sales director, said: “At Haydock we want to increase market share not only in our core business but also other sectors that have synergies with what we do, supporting SME’s.
“Stock Finance is a clear choice for us to help with our growth plans. We have recruited two new colleagues with a wealth of experience in this area to look after our sales and operations.
“We wish both Karen and Simon a very warm welcome to Haydock and our new office in Redhill, specifically set up for the Stock Finance team.
“I am very proud and happy that Haydock continues to grow carefully and in a structured manner in these difficult economic times.”
Haydock Finance is an asset finance specialist established in 1980 and today boasts of gross receivables over £300m. Haydock has a team of seven broker relationship managers, vendor and agriculture sales specialists, a dedicated sales support team and a diverse, knowledgeable team of underwriters.