Search

Boss of Future 50 firm Credo Asset Finance looks forward to a “bumper year” ahead

14:28 23 January 2014

Simon Gray, managing director of Credo Asset Finance

Simon Gray, managing director of Credo Asset Finance

Archant

The boss of Future 50 firm Credo Asset Finance said the business was looking to build on the significant growth of 2013 as it seeks to secure new routes of funding to help businesses.

Simon Gray, founder and director of the business, said the company has secured £1m of funding which is projected to increase its own lending from £600,000 at the end of 2013, to more than £2m by the end of 2014.

Predicting a “bumper year ahead” he said the company is in the final stages of negotiations to secure funding of a further £750,000 to be made available during the course of the year, enabling them to accelerate growth plans still further.

Founded in 2005, he said the business along with others in the sector had suffered as a result of the recession.

But despite difficult trading conditions in recent years, the company has continued to grow and expand.

“Asset finance has certainly been a difficult market to be in during the recession, as funding has become increasingly hard to secure with funders disappearing and a shrinking market has seen a reduction in investment in vehicles and plant,” Mr Gray said. “This has been particularly evident in the construction industry, in which we saw very little investment between 2009 and 2012.

“However, we have always specialised in securing finance which other lenders might be unwilling to release and this has been made even more possible with the creation of our own funds.

“So with over £1.5m now available on our book and a further £750,000 in the pipeline, we look forward to continuing to support businesses and individuals throughout East Anglia as we come out of the recession.”

The company enjoyed “significant growth” in 2013, appointing three new members of staff, while this year has already seen the appointment of James Bligh, who joins the team from Barclays Premier, to the newly created role of Business Development Manager.

Mr Gray said he was currently working with other local businesses to create a number of schemes to support young people in business.

He added: “Historically December is a quiet month in asset finance, but we were busy right up until Christmas and in the period leading up to New Year. I believe that this is a barometer for the increasing confidence in the market place and hope that we can now all look forward to an exciting two or three years as the economy begins its recovery.”

0 comments

HOT JOBS

Show Job Lists

Insight

J&S Jewellery was launched three years ago by sisters Jenny and Sophie Laslett and is now turning over £1M a year. Photo : Steve Adams

When launching a jewellery business in late 2012, sisters Jenny and Sophie Laslett used some borrowed money and a spare room. After ordering a small batch from a manufacturer in the Far East, their only customers the first Christmas were friends and family.

Justice Secretary Liz Truss arrives in Downing Street, London, for the first Cabinet meeting of the new government. PRESS ASSOCIATION Photo. Picture date: Tuesday July 19, 2016. See PA story POLITICS Cabinet. Picture: Dominic Lipinski/PA Wire

It is always challenging to take on a job in an industry in which you have no experience, looking to learn on the job while leading.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Mustard TV

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Shaun Lowthorpe

Business Publishing Editor

|

Sabah Meddings

Business Writer

|

Duncan Abel

Business Development Manager

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100

Business Most Commented

Newsletter Sign Up