Former Close Brothers Asset Finance director David Bunker is joining Compass Business Finance and will take an equity stake in the family-owned firm.
Bunker’s departure from Close after more than a quarter of a century at its asset finance wing was confirmed last week.
He is currently on gardening leave, but will join Sevenoaks-based Compass Business Finance on 1 April, joining brothers Mark and Jamie Nelson as a director of the business and taking an undisclosed equity stake.
Mark Nelson said the parties had been in discussions for a while, as Bunker had been looking for a new direction.
“We have worked with Close and David for many years and their professionalism has provided common ground and an understanding of how business will be written,” he said.
“David’s breadth of experience and knowledge will be an excellent addition to the team, and we’re thrilled he’s joining us. He will add a different viewpoint and that will be a strength to the business.”
Compass is a finance company in its own right, and also acts as an intermediary, dealing with providers such as Close. At the end of last year the firm became the first industry lender to be accredited under the government’s Enterprise Finance Guarantee scheme.
The Sevenoaks-based firm provides finance for industry, for professions, and for renewable energy schemes.
“We want to deal with people in an ethical and professional manner and we hope that comes through. David is a similar personality in many ways,” Nelson added.
Nelson said the firm was currently lending between £35m-£40m a year. “We intend to grow that significantly. We’re very excited and confident about the future and will be working hard to make sure we achieve our goals.”
Neil Davies, chief executive of Close Brothers Asset Finance, said: “David was an important part of our business and made a significant contribution on a number of fronts during that time. While he will be missed, he joins a trusted partner of ours and we look forward to working with David in his new capacity.”
Bunker’s replacement at Close has not yet been announced.