10th June 2013
Davenham returns to lending
Seven months after their successful management buy-out of the Davenham loan book, the Manchester-based team led by Paul Burke and Heather Robinson, is returning to the lending market by launching a new company, Davenham Asset Finance.
The new asset-based finance company will serve the needs of SMEs in the North of England enabling them to finance new or used assets or to refinance existing ones.
An initial cornerstone facility has been arranged with Shawbrook Bank with plans to increase the facility in line with the company’s growth aspirations.
The Davenham brand is returning to the lending market for the first time since it closed its loan book several years ago and the subsequent successful reduction of total banking facilities of circa £0.5bn.
Commenting on the return to asset finance, Paul Burke said,
“The recent report from the Bank of England shows that net lending fell £300m in the first quarter of 2013. As a result we are launching at a time when borrowing through traditional methods continues to be difficult, creating a greater demand for fast and flexible alternative finance.
“In addition there is a need to revert to the old fashioned values of service and empathy, discussing people’s needs and doing your utmost to find a solution.
“Prior to Davenham plc’s demise, following the financial crisis and subsequent property crash, the Group’s Asset and Trade Finance divisions operated successfully. I am therefore confident that we can draw on that experience to re-enter both the asset-based lending and, in the very near future, trade finance markets and build a successful business.
“Having been in this sector for more than 20 years I strongly believe, together with my co-director Heather Robinson and the team, that there is a growing market for this type of funding. We are therefore looking forward to the company becoming a respected independent lender and employer working with companies in the North.”
Paul Tagg, director of Wholesale at Shawbrook Bank Limited, commented
“We are very pleased to have enabled Paul and Heather to introduce Davenham back into the Asset Finance market. I have, together with a number of my fellow directors, known Paul for over twenty years and we wish them every success for the future. They have a tremendous amount of experience and it has been a great achievement to return the Davenham brand back to the lending market”
The new asset-based finance company will serve the needs of SMEs in the North of England enabling them to finance new or used assets or to refinance existing ones.
An initial cornerstone facility has been arranged with Shawbrook Bank with plans to increase the facility in line with the company’s growth aspirations.
The Davenham brand is returning to the lending market for the first time since it closed its loan book several years ago and the subsequent successful reduction of total banking facilities of circa £0.5bn.
Commenting on the return to asset finance, Paul Burke said,
“The recent report from the Bank of England shows that net lending fell £300m in the first quarter of 2013. As a result we are launching at a time when borrowing through traditional methods continues to be difficult, creating a greater demand for fast and flexible alternative finance.
“In addition there is a need to revert to the old fashioned values of service and empathy, discussing people’s needs and doing your utmost to find a solution.
“Prior to Davenham plc’s demise, following the financial crisis and subsequent property crash, the Group’s Asset and Trade Finance divisions operated successfully. I am therefore confident that we can draw on that experience to re-enter both the asset-based lending and, in the very near future, trade finance markets and build a successful business.
“Having been in this sector for more than 20 years I strongly believe, together with my co-director Heather Robinson and the team, that there is a growing market for this type of funding. We are therefore looking forward to the company becoming a respected independent lender and employer working with companies in the North.”
Paul Tagg, director of Wholesale at Shawbrook Bank Limited, commented
“We are very pleased to have enabled Paul and Heather to introduce Davenham back into the Asset Finance market. I have, together with a number of my fellow directors, known Paul for over twenty years and we wish them every success for the future. They have a tremendous amount of experience and it has been a great achievement to return the Davenham brand back to the lending market”