The managing director of Bath-based specialist lender 1pm’s asset finance division is to retire following the successful integration into the group of Academy Leasing, which it bought for £12m in 2015.
Michael Nolan, who founded Lancashire-based Academy, will continue to serve in his role for his contractual 12-month notice period with a view to leaving the 1pm on or around December 31, 2018.
1pm said the move was in line with expectations as Mr Nolan had always intended to ensure the smooth integration of Academy into the 1pm group during the three-year post-acquisition period before considering retirement.
Since being acquired by 1pm from Mr Nolan and a second co-owner, Academy had been successfully integrated into the group, extending its reach into the asset finance market by providing equipment funding and broking. 1pm has made a string of similar acquisitions since then to expand the business further.
1pm said over the next 12 months Mr Nolan will focus on and complete the orderly hand over of his current duties to other members of the group’s management team.
As part of the planned succession, Michaela Dodd has been promoted to general manager of Academy Leasing. Michaela joined Academy in 2009 in asset finance sales and progressed to lead new business origination, including the establishment of a telesales function and managing the vehicles team.
