Time Finance, the Bath-based alternative financial services firm, has appointed Ed Rimmer as interim chief executive officer.
Ed, pictured, returns to the firm – which changed its name from 1pm two months ago – having previously served as chief operating officer. He left last April following a reorganisation of the senior management team.
Time Finance said his appointment followed the recent announcement that current CEO Ian Smith has decided to step down from the role after seven years.
Ed was previously chief executive of Gener8, which Time bought for £5.25m in 2017 – one of a string of acquisitions that transformed it from a provider of asset-backed finance packages to small firms into a business finance group offering a wider range of services spanning asset finance, invoice finance, loans and vehicle finance.
He became managing director of Time’s new commercial finance division, having previously been UK chief executive officer and main board director at Bibby Financial Services.
Time Finance said he brought with him a wealth of experience having gained more than 20 years’ experience in the commercial finance industry.
He said: “I am delighted to be re-joining Time Finance, especially at such a crucial time for the financial services sector.
“Our industry holds a unique opportunity to inspire confidence and growth in the UK SME market and to support businesses who are looking to recover in post Covid times. I am confident that Time Finance are in a great position to lead the sector in doing so.
“It’s a pleasure to lead a team who during the last year have proved resilient and have worked tirelessly to support both our clients and our broker partners during the most challenging of times.
“I look forward to driving the next phase of success for Time Finance and the businesses it serves.”
Time Finance said since the beginning of the covid-19 crisis it had been working hard to help its customers through the turbulent period and had added CBILS (Coronavirus Business Interruption Loan Scheme) to its portfolio, providing “an additional opportunity to instil reassurance and confidence back into British business through asset finance and loan facilities”.
Time Finance non-executive chairman John Newman said: “I am pleased that we have secured the services of Ed Rimmer as interim CEO.
“Ed has extensive experience within the financial services sector and his specific knowledge of the group from his time with us COO will enable him to take up the CEO responsibilities quickly and effectively.”
Time Finance was established in 2006 and is listed on the London Stock Exchange’s AIM market.
Operating under the Time Finance brand, which was introduced last December, is Onepm Finance, Academy Leasing, Bradgate Business Finance, Intelligent Loans, Positive Cashflow Finance and Gener8 Finance.
