Time Finance, the Bath-headquartered alternative lender, has appointed two new independent non-executive directors as it reshapes its board ahead of the departure of two long-serving directors.
Tracy Watkinson, an accomplished executive with more than 20 years of finance and commercial experience, and Paul Hird, who has a background of 30-plus years in the finance sector, have joined the board with immediate effect.
Their arrival comes ahead of Time Finance’s AGM in November when non-executive directors Ron Russell and Julian Telling will step down from the board.
Mr Russell, who has extensive experience in investing and advising smaller businesses, joined the board of what was then 1pm in 2009, while Bristol-based investor and entrepreneur Mr Telling took up his role in 2015.
Mr Russell is also a long-term shareholder in the business.
Tracy Watkinson has significant experience as a COO in investment banking and is a business transformation expert, who has served in a number of non-executive and independent chair roles in the finance and sporting sectors.
Currently chief operating officer of finance at NatWest Group, she began her career at accountants PwC before later moving into the finance sector, working for Barclays, UBS and Credit Suisse.
Paul Hird is co-founder and chief executive of Leumi ABL, an asset-based lender that provided more than £500m of facilities to clients in the UK mid-market with assets of over £2.4bn being funded annually.
He is a seasoned non-executive and corporate finance professional with a broad base of experience and achievements in senior management, mergers and acquisitions, and strategic business planning.
Tracy and Paul will also sit on Time Finance’s nominations, remuneration, audit, and governance & risk committees.
Time Finance non-executive chair Tanya Raynes said: “Paul and Tracy both bring highly relevant experience that will benefit the group and its future at what is a very exciting time for the company as it continues to deliver on its stated growth strategy, including seeking to double Time Finance’s own lending book from June 2021 to June 2025.
“I would also like to take this opportunity to thank Ron, who remains a highly supportive long-term shareholder of the company, and Julian for their contribution to the business over many years.”
Time Finance, which is quoted on the London Stock Exchange’s AIM market, supports 10,000 firms with a diverse range of financial packages including asset, loan and invoice and vehicle finance.
In March it said concentrating on its core products had resulted in faster-than expected growth, with pre-tax profits soaring by 172% to £3m in the nine-months ended 28 February on revenues up 28% to £20m.
