Appointment of Independent Non-Executive Directors

Time Finance PLC

19 September 2023

 

19 September 2023

Time Finance plc

("Time Finance", the "Group" or the "Company")

Appointment of Independent Non-Executive Directors

Time Finance plc, the AIM listed specialist finance provider, is pleased to announce the appointments of Tracy Watkinson and Paul Hird as Independent Non-Executive Directors of the Group with immediate effect.

Tracy is an accomplished executive with more than 20 years of finance and commercial experience, and currently serves as Chief Operating Officer of Finance at NatWest Group. She began her career at PwC, before later moving into the finance sector, working for Barclays, UBS and Credit Suisse. Tracy has significant experience as a COO in investment banking and is a business transformation expert. She has served in a number of non-executive and independent chair roles, within the finance and sporting sectors.

Paul has a background of over 30 years in the finance sector, most recently as co-founder and Chief Executive of Leumi ABL, an asset-based lender that provided over £500m of facilities to clients in the UK Mid-Market with assets of over £2.4 billion being funded annually. Paul is a seasoned non-executive and corporate finance professional with a broad base of experience and achievements in senior management, mergers and acquisitions, and strategic business planning.

Tracy and Paul will be joining the Nominations, Remuneration, Audit, and Governance & Risk committees with immediate effect.

The Company also announces that after many years of significant contributions to the Board, Ron Russell and Julian Telling, Non-Executive Directors of the Company, will step down from the Board on conclusion of the Company's AGM to be held on 7 November 2023.  

Tanya Raynes, Non-Executive Chair of Time Finance, said:

"Paul and Tracy both bring highly relevant experience that will benefit the Group and its future at what is a very exciting time for the Company as it continues to deliver on its stated growth strategy including seeking to double Time Finance's own lending book from June 2021 to June 2025. I am very pleased to welcome them to the Board."

"I would also like to take this opportunity to thank Ron, who remains a highly supportive long-term shareholder of the Company, and Julian for their contribution to the business over many years."

For further information, please contact: Time Finance plc Ed Rimmer, Chief Executive Officer 01225 474230 James Roberts, Chief Financial Officer 01225 474230 Cavendish Securities plc (NOMAD and Broker) Ben Jeynes / Charlie Combe (Corporate Finance) Michael Johnson / George Budd (Sales) 0207 220 0500 Walbrook PR 0207 933 8780 Paul Vann /Joe Walker 07768 807631 [e-mail] Tracy Watkinson, aged 47, holds or has held the following directorships or partnerships in the past five years: Current Previous 393 FPR Limited The British Handball Association The England Handball Association Ltd Paul Grant Self Hird, aged 64, holds or has held the following directorships or partnerships in the past five years: Current Previous PH&HH Consultancy Ltd Preston Nomads Cricket Club Ltd Salisbury Court Hove (Freehold) Ltd Salisbury Court (Hove No 2) Management Company Ltd Spatial Composite Solutions FZ LLC Leumi UK Group Limited THPH Investments 3 Ltd Mr. Hird resigned as a Non-Executive Director of Sherwood Environmental Services Limited ("SES") on 1st June 2006. On 13th June 2006, administration proceedings were initiated against SES pursuant to a winding up petition. Proceedings were concluded on 13 June 2007 and SES was dissolved on 9 January 2009. Neither Paul nor Tracy currently holds any ordinary shares in the Company. About Time Finance: Time Finance's core strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses. It offers a multi-product range for SMEs including asset, vehicle, loan and invoice finance. While primarily an 'own-book' lender the Group does operates a 'hybrid' lending and broking model enabling it to optimize business levels through market and economic cycles. More information is available on the Company website www.timefinance.com.

 

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