– UK, Manchester – Renovo Group plc is pleased to announce the appointment of Brian Cole to the board of directors of the Company as Chief Executive Officer with effect from May 1st 2014.
Brian has over 19 years’ experience in the financial services sector, starting his career at First Union Financial Corporation in the US. He subsequently joined Capital One Financial Corporation, serving in various executive roles before moving to the UK where he was Chief Executive from 2009 to 2013. In this role, Brian led a credit card business with a $750 million turnover, 2.5 million customer relationships and over 1,000 employees.
His focus on marketing, credit process and technology combined with his leadership skills and customers will be invaluable to Renovo as it creates a new customer-friendly leader in SME lending.
Matt Cooper, Chairman of Renovo Group plc, said: “We have a clear strategy to build shareholder value through supporting the entrepreneurs and SMEs that are so critical to the UK economy. I am delighted we have attracted someone of the calibre of Brian to lead the group. With his proven industry expertise and leadership skills, I am confident he will help us build a truly customer focused business that will revolutionise SME funding in the UK.”
Brian Cole added: “It is well known that traditional lenders are failing to provide funds for SMEs in the UK. We see a clear opportunity to bring a modernised approach to the industry, using the latest technology and advanced credit rating methodologies to provide a superior customer focused alternative to the traditional lending sources. I believe Renovo has the right foundations to achieve this and I am excited about the opportunity.”
Brian Thomas Cole, aged 44, is not currently a director or partner in any companies or partnerships. In the previous five years he has been a director or partner of the following companies or partnerships: Capital One Developments Limited, Capital One (Europe) plc, Capital One Funding Limited, Capital One Holdings Limited, Capital One Investments Limited, Capital One Overseas Limited, Capital One Securities Limited. There are no further disclosures to be made under Schedule 2 paragraph (g) of the AIM Rules for Companies.
About Renovo Group plc
Renovo is building by organic growth and acquisition a new customer-friendly force in SME lending by deploying long term capital. The Renovo board believes that there is an opportunity to grow considerably in an underserved sector, with SMEs traditionally finding credit difficult to access from the major clearing banks that often focus on the security and stability of retail and larger corporate lending.
Renovo is working to transform the SME lending business model and platform through a greater focus on technology and marketing, developing a broader array of lending products and providing alternative routes to access funding for SMEs at commercial rates which are accretive to the strategy.
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