Ex-Yorkshire Bank boss Gary Lumby on the life and times of a non-exec

A CAREER banker, a veteran of the financial sector with fingers in more pies than you can count, (as well as being a native of the North East) you’d think Gary Lumby MBE might be an extremely intimidating character.

Thankfully that wasn’t the case when I met him, though it was straight to business with the new non-executive director of Whitecap Consulting, which was on the agenda when we spoke.

Having previously worked at Yorkshire and Clydesdale Banks, as director of SME banking, Mr Lumby exited Yorkshire Bank in 2011, became President of Leeds Chamber of Commerce, and he now sits on the board of 11 separate companies.

His life as a non-executive came, as many things do, with the help of his wife. Mrs Lumby began a portfolio of businesses stretching across the beauty, decorating and insolvency sectors.

The painting and decorating firm, acquired during the recession, trebled its turnover and created 16 jobs.

Mr Lumby said: “Owners of small businesses have to be a Jack of all trades,and they might not have the expertise needed or be able to afford an individual for each area of growth, for example if they have inherited the company, or have moved up from the shop floor, or developed experience in a different sector.

“SMEs have common issues, but I would never compromise a client’s business by working in the same sector.”

He said: “Marketing and finance are the most common areas where SME owners have a skills shortage, and a shortage of money to combat this.

“NEDs can provide the right amount of time, expertise and commitment,and are a cost effective way of getting all the skills needed, bridging that gap and substantially changing the growth trajectory of a business.”

Mr Lumby works with £1-50m turnover businesses but his collaboration with Whitecap means that bigger firms are now in range.

He said: “Whitecap immerse themselves in their clients’ businesses, and build a rapport with the company. They need this relationship to be able to have honest conversations.”

On what he looks for in a company to help with his experience, Mr Lumby surprised me by saying that it is most important to “get on with owners and appreciate the need for change, also need to see desire for change, willing to acknowledge that change be instigated from outside. All businesses boil down to the people.

“The growth they want might not happen without external help. Whitecap and NEDs add a new dimension to strategy, an outside third party.

“Companies also need a clear USP, what makes a business different and exploit that on as many different channels as possible.”

Whitecap Consulting team

The move to Whitecap means that the firm as a whole can concentrate on bigger organisations, from between £10m and £300m turnover, and with Mr Lumby’s experience can help them target even bigger firms.

He said: “Whitecap can now tap into my contact base and expertise, they are effectively practicing what they preach, getting advice in from the outside.”

Whitecap launched in 2012, a venture from directors Julian Wells from HML, a Skipton Building Society subsidiary, ex-Barclays strategist Alex Connolly, as well as managing director Richard Coates, who has worked with the CPP Group and Costcutter.

Mr Lumby met Julian Wells through doing work at P2P lending site rebuildingsociety and business networking organisation BiY.

Of the team Mr Lumby said: “Everyone at Whitecap has hands-on experience, and were senior executives in their own right.

“I liked what they had to say, they were open-minded about bringing in outside advice and opinion, I’m very excited about the future for Whitecap. It’s such a crowded marketplace, mainly with big London firms that regional SMEs don’t think they can afford or who wouldn’t normally notice them.

“Despite its modest size, Whitecap offers a range and breadth of expertise and operates nationwide, with a low cost base compared to the more famous London firms.

“The experience of the directors beats these firms hands down, and they offer a great USP.

“Whitecap is seen as a local consultancy, and local firms are also more cost aware, as their finances are close to their heart.

“We’re an independent third party, steering them in the right direction on their growth roadmaps, when it is so easy to get lost in the delivery of a growth strategy.

“Our aim is to speed up the growth of a company with the correct advice and encouragement, and the proof is in the pudding.”

 

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