LUV Financial Solutions Ltd has taken the next step in its ambitious growth plans.
After entrepreneurs Steve Coulthard together with Steve Hibbert who financially supported the start-up of the business in 2014 as a car finance broker, took on investment from Jeremy Carr of Energize Capital in 2015, the next logical development was to take on an experienced asset finance professional in Richard Fothergill in order to set up an asset finance brokerage in April 2018.
In keeping with the company strategy, LUV FS has now appointed Mike Nolan (former owner and founder of Academy Leasing) to create an own book facility to complement the Asset Finance brokerage and the used car finance operation.
Mike was a founder director of Academy Leasing and when the company was sold to 1PM Plc in August 2015 he stayed on as a main board member for three years with responsibility for the asset finance division and identification of acquisition opportunities. During his tenure, the group turnover rose from £12.5m to £30m with a pre-tax profit of £7.9m from £2.5m and now comprises 7 group companies all of which serve SMEs in the UK.
Mike Nolan said: “This is a great time to be involved in a business with a young enthusiastic team which is well supported by its ambitious shareholders. My objective is to help LUV Asset Finance develop a more comprehensive range of financial products to offer to both individuals and SMEs throughout the UK.”
Chairman Steve Hibbert said: “I am delighted that Mike Nolan has decided to join the main board of LUV Financial Solutions as non-exec Director. His expertise and industry knowledge after building one of the UK’s largest independent leasing companies (Academy Leasing) will help push LUV on to the next stage of its growth plans to be a leading independent “go to” Finance Solution specialising in Motor, Asset and development/bridging finance.”
Steve Coulthard, managing director, added: “LUV has achieved rapid growth to date and has exciting future expansion plans. This is an amazing opportunity for both Mike and LUV Asset Finance and we welcome him on board.”
LUV FS current annual turnover is £15m, with gross profit in excess of £2m and over 30 staff.
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