Ignition, a UK provider of vehicle and SME asset finance based in Truro, has appointed Paul Caunter as its managing director.

Caunter, who has been with Ignition for more than nine years, was appointed as managing director this week, and takes over the position from Alan Tutte who founded the company in 2004.

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In a statement, Tutte said he remained committed to the continued success of the business through his investment in the Star Group and will be supporting Caunter in his new role through the transition period.

Star Asset Finance Group acquired Ignition Credit in April of 2015, and also owns Kennet Equipment Leasing, First Capital Finance, and Credo Holdings.

The group financed more than £200m of asset finance to SME’s across the country last year.

Caunter is highly experienced in the industry, having been an instrumental part of Ignition’s growth and success to date. Prior to joining Ignition, he spent 15 years managing large asset finance teams across London and the South East of England.

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The company offers finance for a wide range of assets from plant and machinery to vehicles and business equipment. It provides flexible solutions either using its own funds or via joint trading relationships with a panel of major finance houses.

Caunter said: “I’m delighted to be taking over the helm of Ignition. The business is in a very strong position; our last financial year was by far our best on record, which we can attribute to a strong and focused team, who continue to deliver great solutions and customer service to our clients, forging lasting relationships.

“I am looking forward to growing the team and taking the company to a new and exciting stage in its evolution. I’d like to thank Alan for his leadership in developing Ignition over the last years and his continued support. We’ll work together to ensure the company is in the best possible shape to build on our success and strengthen our reach across key regions and markets.”