13 Oct, 2011
Aldermore appoints new Managing Director of Invoice Finance business
Aldermore, the new British bank, has appointed Damon Walford as Managing Director of its Invoice Finance business, which markets a range of factoring and invoice discounting facilities to small and medium sized businesses throughout the UK.
Walford joins Aldermore from RBS Invoice Finance, where he was a Regional Director for the Midlands and East of England with responsibility for managing sales, client relations and operations. Prior to that he was Head of Regional Corporate at RBS Invoice Finance and was also a Divisional Sales Manager for HBBC Invoice Finance in the South.
Damon Walford said: “I’m delighted to be joining Aldermore, which is one of the UK’s fastest growing and dynamic new banks. Cashflow finance is critically important for SMEs across the country and Aldermore has a proven track record of developing a range of innovative financial solutions for British businesses.
“As the economy struggles to shake-off the effects of recession, business owners are looking for financial support to enable them to exploit business opportunities which present themselves. Aldermore is dedicated to helping SMEs and has exciting plans for the future and it’s great to be part of the team.”
Ian Wilkins, Group Managing Director of Commercial Finance at Aldermore, said: “I would like to extend a warm welcome to Damon and wish him every success in his new role. Damon brings with him considerable experience which he’ll be able to put to good use as he guides the business through the next important stage of its development.”
Aldermore recently announced that it made £150 million of invoice finance funding available to SMEs during September, an increase of 42% over the same period last year. Client numbers also increased by 19% over the past year. To put this achievement in context, data released by the Asset Based Finance Association shows that total advances made by all member firms grew by 12% during the same period and there was no growth in the total number of new clients.
Across all of its business lines, Aldermore has lent £470 million to small and medium sized businesses, taking the value of loans on its books to £970 million and total assets to more than £1.2 billion.
The bank has 8 regional business offices, providing invoice finance, asset finance and commercial mortgage facilities to more than 9,500 business customers.