The Funding Corporation, the UK-based independent finance house,
has allegedly closed its asset finance and block discounting
services to corporate clients and stopped all nonmotor
business.
The managing director of TFC, Jim Rowley, has left the company
which he co-founded in 2001.
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TFC, which is backed by Barclays Capital, now only provides
motor finance through its subsidiary, ACF Car Finance, a non-prime
finance division, and straight loans for home owner customers,
according to a source in TFC’s customer service department.
The source added that the company has not been providing
leasing, contract hire or Personal Equity Plans (PEPs) for some
time. Although its asset finance subsidiary, Country Leasing &
Finance still exists, it is not writing any new business.
TFC gave no official comment on the current status of the
company and what business areas it operates in, but the company
website indicates it is focusing only on motor finance, debt
collection, litigation and asset recovery.
TFC acquired County Leasing & Finance and Benton Finance
from Five Arrows Leasing Group in 2005.This followed its
acquisition in 2004 of the block discounting operations of Abbey
Business.
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By GlobalDataTFC was launched by the former senior employees of Capital bank
Motor in October 2001, and later became the biggest start-up
finance company in the UK.
