TSL.L Regulatory News (TSL)

23 May 2017

ThinkSmart Limited

("ThinkSmart" or the "Company" or, together with its subsidiaries, the "Group")

Appointment of Chief Executive Officer

ThinkSmart Limited (AIM: TSL), a leading provider in the UK of retail point-of-sale lease finance for high-volume, small-ticket electronic and commercial equipment, is pleased to announce the appointment of Gerald Grimes as Chief Executive Officer. Gerald will take up the appointment and join the Company's board (the "Board") on 1 July 2017.

Gerald (aged 53) joins from Hitachi Capital where he was Managing Director of Hitachi Capital Consumer Finance and sat on the board of Hitachi Capital (UK) PLC. As at March 2016, he was responsible for annual sales of £1.7bn, net earning assets of £2.1bn and approximately 400 employees. Gerald joined Hitachi Capital in 2007, with responsibility for re-launching and developing its UK consumer finance proposition. Over approximately 10 years, he successfully built a market leading UK point-of-sale finance business founded on deep relationships with some of the UK's foremost retailers. Gerald was instrumental in diversifying the consumer finance product offering, including launching Hitachi Capital's personal finance proposition, growing this into a £1bn portfolio within 3 years.

Prior to joining Hitachi Capital, Gerald spent six years as Sales Director at The Funding Corporation, where he launched a new consumer finance business in the UK and, prior to that, six years at GE Capital where he was Sales Director.

Gerald plays an active role in shaping industry debate. He is a Director of the Finance & Leasing Association (for which he has also acted as Chairman), in addition to being a member of the FCA Small Practitioner Board.

Commenting, Ned Montarello, Executive Chairman, said: 

"On behalf of the Board, I am delighted to welcome Gerald as ThinkSmart's new Chief Executive. He brings tremendous breadth and depth of relevant experience and has an outstanding track record. Gerald has already helped transform one retail point-of-sale finance business into a market leader by developing the offering and significantly expanding its reach across multiple verticals. We are confident he can lead ThinkSmart on a similar growth trajectory."

Gerald Grimes commented:

"I am extremely excited by the opportunity to enable ThinkSmart to realise its full growth potential. I've been highly impressed with its sophisticated digital solution and can see a clear pathway to extending its reach across new sectors and customers. I look forward to working with ThinkSmart's Board and senior management team to deliver on the Group's tangible opportunities for rapid growth." 

Further information on Gerald Grimes:

A full list of current directorships and past directorships held within the last five years are listed below:

Current Directorships:

Past Directorships (in the last five years):

Gerald Grimes does not hold any shares in the capital of the Company.

Save as disclosed above, there are no further disclosures required to be made in respect of the appointment under Schedule 2 paragraph (g) or Rule 17 of the AIM Rules for Companies.

For further information please contact:

About ThinkSmart Limited

ThinkSmart Limited is a leading provider in the UK of retail point-of-sale lease finance for high-volume small-ticket electronic and commercial equipment. The Group provides both B2B and B2C point-of-sale lease finance, primarily through its longstanding relationship with Dixons Retail and its new relationship with Carphone Warehouse. The Group's product offering is underpinned by a proprietary, innovative and scalable technology platform, SmartCheck. Since it commenced operations in the UK in 2003, the Group has processed in excess of 350,000 individual applications.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.