Three members of the senior management team at Bath-headquartered alternative funder Time Finance have expanded their roles and received new job titles to align with the business’s five-year growth plan.
After finishing the 2023/24 financial year with impressive results, the group – which specialises in providing asset, loan and invoice finance products – is focusing on expanding its portfolio even more and providing essential, independent financial support to UK small firms.
The management changes affect Steve Nichols, Sharon Bryden and Lorraine Neyland – all with strong experience in the industry.
Steve, pictured, formerly director of asset finance, is now managing director of asset finance with further responsibility to deliver the division’s strategy and financial results.
As the new group head of operations, Sharon, pictured below, has an expanded role which now includes increased risk responsibility in the invoice finance division, reflecting her significant experience in this area and her existing strong relationship with the invoice finance team.
Meanwhile Lorraine, pictured bottom, previously director of risk has become group risk director to better reflect her responsibilities in risk management across the group.
Time Finance chief executive officer Ed Rimmer said he was delighted to oversee the changes in its senior management team.
“Steve, Sharon, and Lorraine have amassed a great deal of industry experience, and it is so important to have dynamic, talented and reliable leaders to work alongside. I look forward to working together more closely with the senior management team to make the 2024/25 financial year our most successful yet.”
The firm listed on the London Stock Exchange’s AIM market in 2006 under its previous name of 1pm.
Four years ago it launched a strategic growth plan which has already enabled it to expand its lending book to a record milestone of £190m-plus.
In July it posted a 35% increase in pre-tax profit for the six months to last November, taking them to £2.7m on revenue 19% higher at £15.7m. Last month it announced it had boosted its offering to expanding small businesses by becoming an accredited lender for the government-backed Growth Guarantee Scheme.
