3 Mar 2021 07:01
3 March 2021
PCF Group plc
("PCF", the "Bank" or the "Group")
Planned Organisational Changes and Directorate Change
PCF Group plc announces that after more than 27 years in the roles of Managing Director and Company Secretary, Robert Murray will be retiring at the end of March 2021. He will not be seeking re-election as a director at the Company's Annual General Meeting on 26 March 2021 and will step down from both roles on that day. Robert advised the Board of his retirement plans in January 2020 to enable the Company to put an orderly sucession plan in place.
Accordingly, as announced in December 2020, we recruited a Chief Operating Officer (COO) designate, Garry Stran, in July 2020. Garry is an experienced financial services professional having previously had roles within banking, credit management, corporate finance and advisory, most recently in the fintech sector. Since joining the Group, Garry has focused on the continued improvement of the Group's operational business processes and formally assumed his role as COO on 1 March 2021. Garry's time to date, working in the business will ensure an orderly handover. An application has been made to the Financial Conduct Authority and the Prudential Regulation Authority for Garry Stran to assume the COO responsibilities of the Group.
The Group is pleased to advise that Robert has agreed to remain with PCF in an advisory capacity to provide subject matter expertise in credit risk-related projects.
Robert Murray, outgoing Managing Director, said: "I have enjoyed all of my 27 years at PCF, working with colleagues, customers, brokers, advisers and shareholders to help build the business into an AIM-listed, specialist bank with a portfolio of over £400million. In particular, I am pleased to have worked with and am grateful for the support of my colleagues and the Board. PCF has a fantastic team and culture which gives me confidence for its continued success."
Garry Stran, COO, said: "I am delighted to have joined PCF at this exciting time in its development and look forward to continuing to work with Scott, the Board and the entire PCF team to drive further growth and value in the business. I would like to wish Robert a long and happy retirement and thank him for the support he has given me since my arrival at PCF."
Commenting on today's announcement Tim Franklin, Chairman, said: "Robert has been a significant contributor to the growth and success of PCF from its earliest days. His enthusiasm for our business and our customers together with his knowledge of our markets have been invaluable assets to the Group. We wish him well in his hard earned and much deserved retirement."
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For further information, please visit https://pcf.bank/ or contact:
PCF Group Scott Maybury, Chief Executive Officer Robert Murray, Managing Director
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| Tel: +44 (0) 20 7222 2426 |
Tavistock Communications Simon Hudson / Edward Lee / Tim Pearson
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| Tel: +44 (0) 20 7920 3150 |
Peel Hunt (Nominated Advisor and Broker) Andrew Buchanan / James Britton / Rishi Shah / Duncan Littlejohns |
| Tel: +44 (0) 20 7418 8900 |
Shore Capital (Joint Broker) Henry Willcocks - Corporate Broking |
| Tel: +44 (0) 20 7408 4080 |
About PCF Group plc (www.pcf.bank)
Established in 1994, PCF Group plc is the AIM-quoted parent of the specialist bank, PCF Bank Limited. Since commencing operations as a bank in 2017, the Group has increased its lending portfolio from £140 million to over £430 million. The Group continues to focus on portfolio quality and lending to the prime segments of its existing markets. The Group will continue to identify opportunities to diversify its lending products and asset classes by setting up new organic operations or through acquistion.
PCF Bank currently offers retail savings products for individuals and then deploys those funds through its four lending divisions:
• Business asset finance which provides finance for vehicles, plant and equipment to SMEs;
• Consumer motor finance which provides finance for motor vehicles to consumers;
• Azule which provides finance to the broadcast and media industry; and
• Property bridging finance which provides loans to companies and sole traders investing in residential and commercial property.
The Group has a track record of profitability and sustainability through an efficient and scalable business model. Utilising its technologically advanced platform, PCF Bank provides both depositors and borrowers with a high level of service and a straightforward, simple range of products tailored to suit their needs.
Recently recorded video profiles of PCF's Property Bridging Finance, Azule Broadcast Equipment Finance, and Savings divisions are available at the Company's profile page on the London Stock Exchange website: https://profile.lsegissuerservices.com/PCFGroup/overview.