BrokerWorldfor the professional business finance broker

issue 45 october 2015t

The Leasing World Awards Dinner was greatly enjoyed this year, and what is not to like: a great evening sponsored

by Hitachi Capital Business Finance, a warm-up bubbly reception sponsored by Close Brothers Asset Finance, entertainment in the form of comedian Dominic Holland and after dinner party sponsored by Aldermore Asset Finance, and a charity raffle with a top prize of an Apple Watch (donated by United Trust Bank) which together with Linedata’s Heads n’ Tails game raised £3,722 for Macmillan Trust.

But let’s face it, it is all about the Awards: 19 proud and bronzed statuettes, and three Commendation medals. You know that a Leasing World Award is highly prized, when

you see a London Stock Exchange’s listing of that company recording the win in its RNS newsfeed!

With this many awards (we’re often criticised that it’s too many, but we are not going to change that) the judges have

Unsung Heroes: Approach Asset Finance, page 9

awards Dinner celebrates the best

Customer comment

Our turnover hasgrown exponentiallyand business isbooming thanks tothe Regional GrowthFund.

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The Close Brothers Asset Purchase Scheme can help businesses secure funding from the Government’s Regional Growth Fund (RGF) to put towards a deposit for an asset purchase. Our scheme has already assisted more than 400 businesses access over £20 million of government funding, enabling SME’s across England to create or safeguard more than 2000 jobs in a wide range of sectors.

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Asset Finance NewsRecord investment by UK business 4BBB grants Hitachi £100m 6Aldermore golfers at the Grove 8

Association NewsAll smoke and wing mirrors? 10

Data 11

2 october 2015

Feature

their work cut out, and this year we asked them for a hint of how they choose their winners, and here are the judges’ official remarks:

uk lessor of the Year (sponsor Great American Lease & Loan Insurance)Close Brothers Asset Finance – “A business with an intelligent approach to the market incorporating some of

the key themes of the moment, such as encouraging apprenticeships and being an effective conduit for the Government’s RGF initiative.”

broker chaMpion lessor (sponsor Great American Lease & Loan Insurance)Investec asset finance – “Supports over 200 brokers with online proposal management, achieving the highest satisfaction scores. A strong governance framework was noted.”

sMe chaMpion (sponsor Shire Leasing)Aldermore Asset Finance – “Changing the SME asset finance landscape with a very impressive lending performance.”

PUBLISHERLeasingWorld LtdOakhill HouseUphamptonDroitwich Spa Worcs.WR9 OJR, UK

T: +44 (0)1905 621444E: Brokers@leasingworld.co.ukwww.leasingworld.co.uk

Published by LeasingWorld Ltd, Oakhill House, Uphampton, Droitwich Spa, Worcs WR9 OJR, UK Reg office: Thorneloe House, 25 Barbourne Rd, Worcester WR1 1RU Company No: 5387699. ISSN 1749-3501

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No part of this publication may be reproduced or transmitted in any form or by any means, electrical, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher. LeasingWorld Ltd, Oakhill House, Uphampton, Droitwich Spa, Worcs WR9 0JR.

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Personal & Flexible Asset Finance

Call 0344 225 3940 www.ccbank.co.uk/af

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ensures a fast and flexible service that is open to you.

leasinG serVices proViDer (sponsor Shire Leasing)VLS – “An outstanding example of an industry partner providing mission critical services to many lessors.”

inDepenDent lessor of the Year (sponsor CBC Resourcing Solutions)1pm Plc – “Have achieved so much this year. A true independent reborn with its new management team.”

broker of the Year (sponsor Aldermore Asset Finance)Premier Asset Finance – “A consistent performer with an emphasis on quality of business, supported by excellent testimonials from senior industry players.”

neXt Generation aWarD (sponsor Aldermore Asset Finance)Debra Grimshaw – Asset Finance Solutions – “A high quality field, and a close call for the winner Debra who has successfully made the journey from “farm” to finance.”

Commendations: Justin Amos – Portman Asset Finance, Tom Roberts – Moorgate Finance, Ruairidh MacDonald – First Independent Finance.

top harD assets broker (sponsor Hitachi Capital Business Finance)First Independent Finance – “A superbly run business, with a focus not just on excellent customer service but on staff development and all regulatory issues.”

top aGricultural broker (sponsor Hitachi Capital Business Finance)Rural Finance – “A continuing excellent story and a year of very strong growth.”

top Vehicles broker (sponsor Close Brothers Asset Finance)DSG – “An excellent entry, with good evidence of a strong marketing programme and well developed internal processes.”

top asset finance leGal teaM (sponsor Close Brothers Asset Finance)Gateley PLC – “Undoubted technical

october 2015 3

Feature

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4 october 2015

Featureexpertise, but the key issue was the firm’s ethos of providing legal advice in a commercial context and identifying how to get the deal done.”

top business assets broker (sponsor Macquarie Equipment Finance)Reality Finance – “Acknowledged for the wide range of business assets that are financed, from technology assets for fixed, mobile or cloud solutions, to office refurbishment and catering equipment.”

neW challenGer of the Year (sponsor Leasing World)Metro Bank – “A welcome addition to the SME asset finance fold , with a strong brand presence.”

top professions funDer (sponsor Metro Bank) LDF – “Market leader in a sector requiring unsecured financing solutions that are tailor made to meet the client’s needs.”

innoVator of the Year (sponsor LDF)Bluestone Leasing – “Creative development of the Access Anytime schools funding product will greatly help to overturn negative perceptions of leasing in this sector.”

VenDor specialist of the Year (sponsor Leasing World)Henry Howard Finance – “A very experienced operator in the vendor sector with the know-how to get a finance sale

easily and simply integrated into the vendor’s sales cycle.”

top prestiGe & classic cars broker (sponsor Leasing World)Oracle Finance – “A market specialist that really knows its market, and the scale of its operation is impressive.”

contribution to leasinG (sponsor Leasing World)Tony Mallin – Star Capital “Has given the whole broker segment a private equity shot in the arm, opening up myriad possibilities for brokers to at last realise the value in their companies.”

eDitor’s choice aWarD (sponsor Leasing World)Maria Lewis – 1pm PLC – “Having sorted out the operational platform in past years and enabled a company revival, this year saw no let up, with 1PM using the stock market’s money-raising clout to acquire a substantial brokerage based in the North.” bW

To see all the Winners’ photos go to www.leasingworld.co.uk

NEWS IN BRIEF

Record investment by UK businessAccording to BNP Paribas Leasing Solutions, businesses acquired £6.6 billion worth of commercial vehicles such as trucks and vans through leasing in the 12 months to July 2015, up by 7 percent from the £5.9 billion invested the previous year. The rise is thought to have been driven by the recovery in the retail economy, and an increase in the number of people setting up new businesses.

The retail sector has recovered significantly from the recession, growing for the twenty-eighth consecutive month in July 2015, and since online sales now represent 20 percent of all non-food related retail sales in the UK, BNP Paribas Leasing Solutions explains that this has created a strong demand for vans to fulfil home delivery orders.

At the same time, 2014 saw the creation of a record number of new businesses. Over 580,000 companies were registered with Companies House, up by 10 percent from 2013.

Tristan Watkins, Country Manager of BNP Paribas Leasing Solutions says, “Investment in vehicles is vital for the growth and success of both SMEs and larger businesses.

“Whether it is a builder promising to turn up at a particular time, or a delivery company fulfilling the ‘last mile’ of an internet order by delivering a package, businesses depend on the reliability of their fleet. Not only do breakdowns mean lost time and money, they also damage the business’s reputation.”

Another growth area of leasing investment has been IT, which also hit a new record high, jumping to £34.4 billion, up by a quarter (24 percent) since the height of the recession in 2009, when businesses’ IT capital spending was just £27.6 billion. BNP Paribas Leasing Solutions explains this growth as being driven by investment in software, which has jumped by 6 percent in the last year alone from £25.8 billion in 2013 to £27.5 billion in 2014. In the first quarter of this year, businesses spent £6.9 billion on software.

Software now accounts for 80 percent of businesses’ IT capital expenditure, up from 74 percent ten years ago.

Paragon buys 5 Arrows for £117m Five Arrows Leasing Group (“Five Arrows Leasing”), the long-established lessor comprising companies like

Fineline, and Five Arrows Business Finance (recent amalgamation of the old State Securities, and printing finance activities), has been sold by its owner Rothschild & Co (formerly Paris Orléans) to Paragon Bank PLC (“Paragon Bank”) for a consideration of approximately £117 million (c.E159 million). The transaction is expected to complete by 3 November 2015.

The sale is in line with Rothschild & Co’s strategy to focus on its three core businesses: Global Financial Advisory; Wealth and Asset Management; and Merchant Banking. The Five Arrows brand is not included in the sale.

Rothschild & Co acquired the original business nearly twenty years ago in 1996 and under the leadership of Sam Geneen developed it into a group of specialist companies serving niche asset financing markets. Five Arrows Leasing provides print, broadcast, construction and other equipment finance and asset-based lending in the UK to small and medium-sized enterprises and leases vehicles to local authorities. For the year ended 31 March 2015 Five Arrows Leasing generated net banking income of £28.5 million (E36.4 million) and statutory profit after tax of £8.1 million (E10.3

Speak to your dedicated Account Manager to discover the wide range of assets we can fund.

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0118 955 6600aldermore.co.uk/assetfinance

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Asset Finance

408877.001 Aldermore_AF GP Biotec_DPS v7.indd 1 10/07/2015 15:45

6 october 2015

Asset Finance News

million). At 31 March 2015 it had net assets of £42.9 million (E58.9 million).

The transaction should result in an exceptional accounting gain for Rothschild of approximately E90 million. The proceeds will be used for general corporate purposes and for investing in the growth of core businesses. Nigel Higgins and Olivier Pécoux, Co-Chief Executive Officers of Rothschild & Co, said, “Five Arrows Leasing has been part of Rothschild & Co for nearly 20 years. During that time we successfully created a leading UK asset finance company that now serves more than 2,600 customers.

“We believe, however, that now is an appropriate time to sell Five Arrows Leasing given the focus on our core businesses: Global Financial Advisory; Wealth and Asset Management; and Merchant Banking. We are delighted that Paragon Bank is to acquire the business. We believe Paragon Bank will be a great home for the business and its employees and the transaction represents an exciting opportunity to maximise Five Arrows

Leasing’s future growth potential. We would like to thank the Five Arrows Leasing team for their hard work and dedication to Rothschild & Co over the years and wish them well in the future.”

As ever, the $64,000 question is what happens to the existing staff, and Group CEO Nigel Terrington has stated that does not plan to cut jobs at Five Arrows, whose group head office is in Richmond in Surrey. “The management team is great, and many of them with the business for decades, so they are steeped in experience of the sectors in which they operate. This is a complementary business, and rather than seeking cost savings, we see it as a revenue growth opportunity. Our ambitions for growth are substantial.”

BBB grants Hitachi £100mThe British Business Bank is to provide a £100 million facility to Hitachi Capital UK to fund a portfolio of newly originated small business asset finance receivables. The transaction is the first of the British Business Bank’s new ENABLE Funding programme to non-bank

channels, which aims to increase significantly the supply of leasing and asset finance to smaller businesses in the UK. The European Investment Fund will guarantee 50 percent of the facility.

Gavin Wraith-Carter, General Manager, Hitachi Capital Business Finance said, “Being the first funder to take part in an ENABLE funding programme transaction reinforces our commitment to understanding the specific needs of SMEs and offering tailored financial solutions that fit their business requirements. As a leading provider of business asset finance, we offer SMEs a valuable alternative to mainstream lending, allowing businesses to free up cash flow and to budget appropriately for the equipment they need to remain competitive. This initiative is a fantastic example of how Hitachi Capital looks at new and fresh ways to generate increased use of alternative lending to UK SMEs.”

Reinald de Monchy, Managing Director, Wholesale Solutions at the British Business Bank, said, “This £100

NEWS IN BRIEF

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16902 BrkWrld hlf Asset_v1 AA 04/03/2015 15:36 Page 1 Continued on page 8

october 2015 7

Hugh Sigrist, founder of Renaissance Asset Finance was delighted with the first

quarter’s results of RAF’s second trading year. We continue to buck the trend of the market and have exceeded our lending budget for the quarter, by some 20 percent. This demonstrates that our business model is distinctly different from most of the competition and our customers like it! There is huge customer loyalty to our team and the Renaissance Brand, which is a huge compliment.

This is what our brokers say:

nick siMpson (Below)ManaGinG Directorasset finance solutions“At Asset Finance Solutions (“AFS”) we have been pleased with the emergence of Renaissance Asset Finance and impressed with their positive, ‘can do’ attitude, which is well complemented by their personable and knowledgeable team.”

DaMian sMith (Below middle)Director oracle finance“Hugh, Alan and the team add another dimension to our business. They

combine their considerable knowledge and expertise in the market, with the freshness of a new business, to provide flexible solutions for our customers. Very eager to do business and always professional with our clients. Well done guys! We look forward to writing even more business with you this year.”

peter saVaGe (Below)Directorazule finance“I have dealt with Mark Lester for many years and know he is a knowledgeable and commercial underwriter looking to ‘make a deal.’ Renaissance with their hands-on approach add real value to my current funding panel.” bW

Sponsored byRenaissance Asset Finance: the New Lender to the Broker Market

this demonstrates that our business model is distinctly different from most of the competition and our customers like it!

8 october 2015

Asset Finance News

million transaction with Hitachi Capital is the first in our new ENABLE Funding programme, which aims to boost the availability of asset finance.”

Bernard Skivington, Director, Wholesale Solutions/Asset Finance at the British Business Bank, said, “Asset finance is vital to many high-growth small and medium sized businesses. As these businesses grow and scale-up they will look to buy or replace plant and equipment, and it is essential that they are able to get the funding they need to do so.”

The programme aggregates asset finance portfolios from important mid-market providers in a warehousing financing facility. In order to build the critical mass necessary to securitise the assets, the ENABLE Funding programme will be announcing similar agreements with other funders over the next 18 months. Facilities will range from around £25m to £150m, and the programme will aim to refinance the warehouse facilities when receivables total approximately £300m. This refinancing, the first such transaction of its type in the UK, will

allow institutional investors access to a large and highly diversified pool of SME debt, and is intended to help kick-start asset finance securitisation more widely.

Aldermore golfers at the Grove

Aldermore Asset Finance treated over 60 golfing brokers to a fairytale championship golf course that is the Grove Among the guests was the familiar face of Chris Stamper (right), ex ING Lease boss and now an Aldermore board non-exec, and golfing globe-trotter.

The full itinerary went like this:• 07:30 to 09:00 – Welcome Breakfast

and Registration in the Corporate Golf Lounge

• 08:00 – Driving range opens• 09:45 – Shotgun brief in The Stables

Courtyard• 10:00 – Shotgun start• 15:00 – Post golf drinks in The Stables

Courtyard• 15:30 – BBQ in the Corporate Golf

Lounge• 16:00 – Prize giving presentation

The weather was perfect all day, a lot of fun was had, and the prize-giving was a highlight of the day. A real treat for funders and brokers alike.

NEWS IN BRIEF

www.libertyleasing.co.uk

023 8045 6565

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Liberty Leasing Plc is authorised and regulated by the Financial Conduct Authority for the purposes of credit related regulated activities (including leasing)

Continued from page 6

october 2015 9

We are proudto support Unsung Heroes

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For many, the summer of 2012 will be remembered as a special time highlighted by the London Olympics,

and the Queen’s Diamond Jubilee. But for us it was making the giant leap into the broker world! Myself, (Jonathan Walker) and business partner (Christopher West) were working for Lloyds TSB Commercial Finance at the time and decided to set up Approach Asset Finance.

Once our Consumer Credit Licence was obtained, and not knowing where to begin we decided a trip to the NACFB Expo would be a good starting point. This was a real eye opener as we had only heard of a few lenders there. Inspired by this together with the lenders comments that we would bring down the average age of the broker …….we went on to sign up lenders such as Close, Aldermore & Five Arrows and were soon underway writing our first deal. We achieved this with leads purely generated by picking up the phone and dialling, somewhat inspired by Leonardo

DiCaprio’s The Wolf of Wall Street!Business to date has been built on

providing a simple and modern process for our customers, and building lasting relationships with them and our funders. We are available longer hours, ensure all deals are paid out on scanned documents

and provide same day quotes. The wide choice of lenders available in the mid-tier is particularly encouraging, not only for us but also the SME’s that we work with too. With such diversity we have opted to deal with lenders that have the same modern outlook as ourselves, with slick and simple processes.

Becoming a member of the NAFCB has also helped our business grow with additional leads, new ideas and guidance with our FCA application process. We concentrate on core asset finance and refinance for a wide range of industries and with modern technology it enables us to deal with customers across the whole of the UK, not just on the South Coast. This year we have moved to new offices and have taken on our first members of staff as we continue to grow the business.

Now in our fourth year we are still the relative Newbie in the broker world, but we are confident going into 2016 as we continue to build a successful future in this industry. Hopefully, this will be helped by an improving golf technique so we are good enough to compete with all the other more experienced brokers! bW

a fresh approach

back: chris West and Jonathan Walkerfront: christine elliott and caroline West

10 october 2015

Association News / Events

All smoke and wing mirrors?So, which of our vehicle finance brokers has noticed a decline in demand for Volkswagen products?

Car buffs have always known that the way things are measured and reported is a little out of whack with reality. The Porsche 918 claims to be able to run 94 miles on one gallon, and to achieve a top speed of 201mph, prompting the Daily Mail to run the headline “greener than a Prius”. It’s not greener than a Prius. It’s not even as green as a fire engine.

The Porsche is allowed by the rules of the game to charge its battery fully before the start of the test run, and to finish it empty. This is like claiming to be able to beat Kasparov at chess because you’ve loaded your side of the board with Queens.

But this sort of doublethink is allowed because we want to believe that we could go 188 miles on two gallons (even though we definitely couldn’t) and because the 918’s absurd claim obeys the strict letter of the rulebook. And, debatably, so did VW’s clever “solution” to the “problem” of its cars being tested for emissions. Because, after all, the problem they had to overcome was the test itself, and not the emissions at all.

In Europe, it wasn’t just the tests that were unrepresentative of actual driving. So were the cars; pre-production models referred to within the industry as “golden vehicles” and not because of the contents of their sainted catalytic convertors. On its own website the VCA admits: “The standard tests […] cannot be fully representative of real-life driving conditions.”

This is why I’m not here to bash any one car manufacturer. The real concern here is the writing of the rules, and that’s a concern close to the NACFB’s heart. We’ve just rewritten our code of practice and we can’t risk getting into a situation where brokers who follow the code with a creative corner-cutting mindset can argue afterwards that they were following the word of the rulebook. The word and the spirit need to be sufficiently close as to be practically inseparable. After all, if the emissions testing had been done in a real-world environment, we wouldn’t be taking the name Volkswagen in vain now.

Car analysts at the financial research firm Bernstein agree that European standards are not as strict as those in the US. However, the analysts said in a report that there was therefore “less need to cheat.”

We don’t take that attitude with our members, because it’s a voluntary matter whether a broker joins us or not, and if they want to shy away from best practice, then no one is forcing them to come on board with us. Come to that, they can deem themselves Unregulate-able in the eyes of the FCA, so long as they steer well clear of smaller-scale businesses. But car sales aren’t that simple – everyone has to follow the same rules and there is no opting out. And that’s why you have to ensure those rules aren’t just worded right, but won’t allow malpractice to follow from slavishly faithful interpretation.

aSSocIatIoN NEWS EVENtS caLENDaR

Oct 21FLA Asset Finance Symposium – intangibles fundingBarber-Surgeons Hall, Londonwww.fla.org.uk/events

Oct 25-754th ELFA Annual ConventionSan Antonio USAwww.elfaonline.org/Events/Calendar/

Nov 4Finance Professional ShowOlympia, Londonevents@nacfb.org.uk

Nov 26Gala Dinner & Industry AwardsPark Plaza, Westminster events@nacfb.org.uk

Nov 26 12th Annual Motor Finance Convention Williams F1 Conference Centre, Oxfordshirewww.fla.org.uk/events

Dec 1FLA Christmas DrinksHaberdashers Hallwww.fla.org.uk/events

Dec 3Blockers LunchHispania – City of Londonshaun.carroll@hitachicapital.co.uk

Dec 3BVRLA Industry conferenceNational Motorcycle Museum, Solihull www.bvrla.co.uk/Industryconference2015

Dec 9AF-PA Christmas DrinksFarringdon Sports Bar & Grilljohnniehalliday@yahoo.co.uk

Dec 10D&D Christmas partyTBAkbd@danddleasing.co.uk

Dec 11Leasing Foundation Charity Christmas LunchInstitute of Directors Pall Mallwww.eventbrite.co.uk

£’m

250

300

350

Cars 875

Commercial Vehicles 1154

Plant & Machinery 1276

IT Equipment 270

Business Equipment 445

Other 803

Dec 14

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2012 2013 2014 2015

Sept 14

Oct 14

Jan 15

1276(6%)

1154 (8%)

270 (33%)

875(20%)

803(13%)

445(14%)

Jun 15

£’m

Jul 1

4

Aug 14

Nov 14

(%) change same period last year

£’m

Feb 15

600

900

1200

1500

300

400

500

Apr 15

300

400

500

Jun 14

Mar 15

May 15

300

400

500

600

900

1200

1500

october 2015 11

Data

DataFLA BRokER FiNANcE stAtistics (£ MiLLioNs) JULY 2015

Uk BRokER FiNANcE NEw BUsiNEss FiNANcE BY MoNth

Uk BRokER FiNANcE NEw BUsiNEss FiNANcE BY qUARtER

FLA BRokER FiNANcE NEw BUsiNEss BY AssEt 12 Mths to JUN 2015 (£M)

Note 1: cumulative totals are subject to rounding differencesSource: FLA

Current month compared Twelve months to

Jul 2015 Jul 2014 Month change Jul 2015 Jul 2014 Yearly change

Broker finance 441 406 9% 4,858 4,387 11%

£’m

250

300

350

Cars 875

Commercial Vehicles 1154

Plant & Machinery 1276

IT Equipment 270

Business Equipment 445

Other 803

Dec 14

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2012 2013 2014 2015

Sept 14

Oct 14

Jan 15

1276(6%)

1154 (8%)

270 (33%)

875(20%)

803(13%)

445(14%)

Jun 15

£’m

Jul 1

4

Aug 14

Nov 14

(%) change same period last year

£’m

Feb 15

600

900

1200

1500

300

400

500

Apr 15

Jul 1

5

Mar 15

May 15

600

900

1200

1500

300

400

500

Source: FLA

£’m

250

300

350

Cars 875

Commercial Vehicles 1154

Plant & Machinery 1276

IT Equipment 270

Business Equipment 445

Other 803

Dec 14

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2012 2013 2014 2015

Sept 14

Oct 14

Jan 15

1276(6%)

1154 (8%)

270 (33%)

875(20%)

803(13%)

445(14%)

Jun 15

£’m

Jul 1

4

Aug 14

Nov 14

(%) change same period last year

£’m

Feb 15

600

900

1200

1500

300

400

500

Apr 15

300

400

500

Jun 14

Mar 15

May 15

300

400

500

600

900

1200

1500

Follow the Asset Advantage Carrera Cup team @AARaceTeam

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www.assetadvantage.co.uk01256 316200

Asset Advantage is an established, privately owned, fi nance business which provides asset fi nance and unsecured loans to UK based SMEs via a premium panel of introducers. Our fi nance products utilise a combination of experience, expertise and uncompromising business processes to deliver the perfect solution to our clients.

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