Press release
Commercial Finance appoints new regional director for London and the South
Lloyds TSB Commercial Finance has signalled its intent to further grow market share in London and the South following the appointment of 'Big Four' accountant Nick Elliott as regional director.
Nick, who moves from KPMG's advisory division, will be responsible for maintaining Commercial Finance's dominant position within the asset backed lending (ABL) market, while developing new sales opportunities amongst mid-market businesses and their advisors.
Leading a team of six locally based regional managers and business development directors, Nick will focus on building close relationships with the local professional community, and promoting and developing understanding of Commercial Finance's range of ABL facilities amongst their clients.
Lloyds TSB Commercial Finance enables businesses to structure their funding against assets such as receivables, property, plant and machinery and stock.
It also recently launched a Supplier Finance Facility which improves cash flow for suppliers of large national and multi-national businesses.
Recent deals supported by the team in 2006 include:
The £50 million refinance of a £650 million turnover food co-operative.
A £15 million refinance of a £100 million turnover logistics business.
The £16 million refinance of a £130 million turnover property management and outsourcing business.
Nick, a Chartered Accountant and Member of the Association of Business Recovery Professionals, brings a wealth of professional and commercial experience to the role.
He has previous experience at Commercial Finance following a nine month secondment during 2004, and his new role will see him report directly to Lloyds TSB Commercial Finance board director Ian Lomas.
Nick commented: "Lloyds TSB Commercial Finance plays a key role in the region's corporate dealmaking mix and is the clear market leader in the provision of ABL solutions.
"I'm joining an organisation that has a well deserved reputation for market leadership, innovation and outstanding service quality. My role is to ensure this continues by raising the profile of asset-backed lending amongst businesses, and in particular the advisory community."
Ian Lomas, commercial director of Lloyds TSB Commercial Finance, commented: "I am particularly pleased to welcome Nick to the Commercial Finance team in this key position. His professional and commercial skills gained through 14 years in Restructuring with KPMG, as well as his prior knowledge and experience of working in the ABL market, gives Commercial Finance yet another unique offering in the market place.
"I am confident that Nick's appointment will further strengthen our position as market leader and innovators in the ABL sector."
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
