Debt purchaser 1st Credit has announced changes to its management team as it focuses the business for 2016.
After 14 years at the company, 1st Credit co-founder and business development director Charles Holland has decided to retire. He will continue to work with the business on a part-time consultancy basis for specific projects.
Client relationship director Ian Davies, who joined 1st Credit in 2003 and has worked closely with Charles, has been promoted to the role of sales director and will assume responsibility for the company’s client relationships.
Chief financial officer Simon Dighton has also decided to leave 1st Credit after eight years. 1st Credit said Simon joined the business in 2008 and has strengthened the finance function significantly during his tenure.
Chief investment officer (CIO) Bruce McLaren has become the company’s new chief financial officer. He joined 1st Credit in 2013 after 14 years at Royal Bank of Scotland and has been a key part of the management team since then. Bruce will retain his CIO responsibilities.
Credit Today also understands that a sale process for 1st Credit that was undertaken last year will not be pursued. In a statement the business said it has strong backing from its majority shareholder (private equity firm Bridgepoint).
The company added that it is now strategically placed as an independent and agile purchaser in an increasingly consolidated market.
On specific initiatives, 1st Credit said that following the launch of pilot customer benefits programme My Benefits in December, the business will roll out the programme this year. The initiative gives free access to retail discounts and cashback offers at some of the UK’s largest retailers, and is designed to help customers manage their finances.
Eddie Nott, chief executive of 1st Credit, said: “As a co-founder, Charles has had a profound impact on 1st Credit for the past fourteen years. Well known in the industry, he will be greatly missed. We are delighted that he has agreed to help us in a part-time consultancy capacity as he starts his retirement.
“Likewise, Simon leaves the business in a solid position to adapt to the challenges of the changing consumer credit industry and we are pleased to announce that Bruce McLaren will be taking on the role of chief financial officer.
“Ian Davies will also play an important role in taking the business forward in his new position as sales director.”
By Marcel LeGouais