12 Jul 2017 07:01
12 July 2017
PCF Group plc
("PCF", the "Company" or the "Group")
Directorate Change
PCF, the AIM-quoted specialist bank, announces that Anthony Nelson is stepping down today as a non-executive director of the Company, upon the appointment of Mr David Titmuss also announced today.
Mr Nelson was a founding director and has been integral in the Company's development. He has held the positions of Chief Executive and Chairman during his time with the Company and thus has provided much of the foundation for its success. Mr Nelson believes that it is the appropriate time for him to retire and the Board would like to place on record its appreciation of the contribution he has made to the Group over many years.
Tim Franklin, Chairman, commented: "Tony has been an invaluable member of the Board during his tenure, undertaking a variety of senior roles in the company as both an executive and non-executive. He has been unstinting in sharing his vast experience of the business and the sector. On behalf of the board, I would like to thank Tony for his many years of distinguished service and wish him and his family the very best for the future."
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For further information, please contact:
PCF Group Scott Maybury, Chief Executive Officer Robert Murray, Managing Director David Bull, Finance Director
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| Tel: +44 (0) 20 7222 2426 |
Tavistock Communications Jos Simson / Niall Walsh
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| Tel: +44 (0) 20 7920 3150 |
Panmure Gordon (UK) Limited Atholl Tweedie / Adam James - Corporate Finance Charles Leigh-Pemberton - Corporate Broking
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| Tel: +44 (0) 20 7886 2500 |
Stockdale Securities Robert Finlay / Richard Johnson - Corporate Finance Henry Willcocks - Corporate Broking
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| Tel: +44 (0) 20 7601 6100 |
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. With the advent of the Bank the Group now has the scale to increase its lending portfolio size significantly, with target portfolio sizes of £350m in 2020 and £750m in 2022. The Group will retain its focus on portfolio quality, and will now have the capacity to lend to increasingly prime segments of the finance market.
PCF Bank will offer retail savings products for individuals and will then deploy those funds through its two lending divisions:
• Consumer Finance which provides finance for motor vehicles to consumers; and
• Business Finance which provides finance for vehicles, plant and equipment to SMEs.
The Group has a track record of strong financial performance and an efficient and scalable business model, with significant room to grow. Utilising its technologically advanced platform, PCF will provide both depositors and borrowers with a high level of service and a straightforward, simple range of products tailored to suit their needs.
PCF.L (PCF)