Bath-based alternative financial services firm Time Finance has appointed Ed Rimmer as CEO just under four months after he returned to the group to take on the role on an interim basis.
Ed, pictured, had been chief operating officer at Time until April last year when he left following a reorganisation of the senior management team.
He returned in February when CEO Ian Smith announced he had 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.
Time, which changed its name from 1pm at the end of last year, said Mr Rimmer was a widely experienced senior executive with a strong, 25-year-plus commercial, financial and operational track record in financial services.
He was previously UK CEO of Bibby Financial services, rapidly building the business and doubling its profits to become the largest independent operator in the invoice finance market.
Time chairman John Newman said the group was delighted to have secured Ed’s talents on a permanent basis.
“He is a well-respected and proven chief executive with an exceptional record and was a natural choice for the group.
“Not only does he bring enormous depth of experience of the wider financial services market from his time with Bibby, but he also has an in-depth understanding and grasp of the group from his time as its COO.
“We are excited about the vision and leadership that he will bring to the business and for the future of the group.”
Ed described Time Finance as a strong business operating in a sector that has played a critical role helping small businesses across the UK through the disruption of Covid-19.
“The group has the opportunity for further development of its position as a credible alternative to the high street banks as a multi-product independent SME funder helping businesses to grow post Covid.
“I believe it is very well placed to take advantage of a number of opportunities that should arise over the coming months and beyond and I look forward to leading the business through the next stage of its journey, delivering increasing returns for all of the group’s stakeholders.”
Time Finance was established in 2006 and is listed on the London Stock Exchange’s AIM market.
Operating under the Time Finance brand are Onepm Finance, Academy Leasing, Bradgate Business Finance, Intelligent Loans, Positive Cashflow Finance and Gener8 Finance.
