Corporation (TFC), Jim Rowley, has left the company which he
co-founded. A company spokesperson would not comment on the reasons
for Rowley’s departure.
The independent finance house, which previously offered asset
finance and block discounting services to corporate clients, is
believed to have shut its doors to all new non-motor business
entirely. Only non-prime finance division ACF Car Finance continues
to accept new contracts, in a market favourable to funders which
target non-prime borrowers. TFC’s website would appear to
support this conclusion, as it makes no mention of funding
provision for any assets other than vehicles, including
caravans.
Go deeper with GlobalData
Further rumours that its financial backer Barclays Capital had
pulled the plug on its funding line were denied by a representative
from the bank.
TFC was set up by former senior employees of Capital Bank Motor
with backing from well-known motor industry entrepreneur Bob
Edmiston, founder of the IM Group, which imports cars from the Far
East.
It recently grew its presence in debt management and recovery,
launching Red2Black Collections, a wholly-owned subsidiary, which
replaced its former brand CollectOne Ltd. Nick Cherry is the
director and general manager of Red2Black, while Chris Ryan, the
former collections head at Citigroup, was recently appointed to the
post of divisional manager.
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By GlobalData Motor Finance Issue: 43 – May 08
by Jo Tacon ,
Published for the web: May 27 08 9:49
Last Updated: May 27 08 9:51
