on £40m last year
Evolution Funding (EF), the Chesterfield-based finance
intermediary, plans to grow its business by 25 per cent this year
despite the economic downturn.
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As asset lenders seek to cut costs by reducing their field
staff, they become more reliant upon brokers with the requisite
industry experience and connections, said director Lee Streets.
Last year finance volumes at the company totalled £40m.
He added that the economic downturn means that the broker has
delayed starting to write its own business.
The principal amount of business from Evolution, which has 40
staff, 17 of whom are field-based, comes from the Midlands and
South Yorkshire regions, although the company has representation in
the West Country and South Wales. It is currently hiring to grow
its business in East Anglia and the South East.
Although non-wheeled assets at present represent a smaller part
of the company’s portfolio than the wheeled variety, given the
shortfall in asset-finance representation at local levels, Streets
sees much growth coming from the plant and machinery, yellow goods
and larger commercial vehicle sectors.
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By GlobalDataHaving recently signed software provider icenet, EF is about to
launch an automated decisioning system which will provide dealers
and retail suppliers with a decision “straightaway”.
“Proposals,” he said, “will be streamed electronically to the
most appropriate funding source which will enhance our delivery
systems far beyond the usual for a broker.”
Other technology investments have enabled it to market a new
personal lease as well as a personal loan product with a balloon,
principally to assist dealers as they seek to come to terms with
the recent changes to the Consumer Credit Act.
EF started trading in 2003 when Streets and his three other
co-founding directors, Jeremy Levine, Nick Fry and Tony Jenner (who
subsequently left the company and was replaced by Chris Coverdale)
were made redundant when Abbey National decided to close its First
National Motor Finance subsidiary. The four were of area manager
status and decided to form their own brokerage and put their
accumulated experience to the test.
The company started five years ago, and funding sources include
Fortis Lease and Hitachi Capital.
Brian Rogerson
