Finance firm expands into North East with key appointment
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An Oldham-based independent business finance firm has expanded into the North East market after making a strategic senior appointment.
PMD Business Finance, which brokers more than £150m of lending each year for UK businesses, has appointed Cole O’ Malley to head up its North East operations.
Cole, who is based near Newcastle, joins PMD as business development director after more than 20 years in the finance industry, including senior roles with RBS Group. He will be supported in the region by PMD’s business development manager Zak German.
Tom Brown, director of PMD Business Finance, said: “The North East has been a growing market for us over the past few years and we’re pleased to have secured somebody with Cole’s professionalism, stature and contacts in the region to head up our operations.
“As the largest independent finance intermediary in the UK, our aim is to use our infrastructure to provide SMEs and the North East professional community with fast, flexible and competitive finance solutions.”
Cole said: “It’s been clear for some time that SMEs are placing more emphasis on the value independent finance brokers can offer in providing flexible finance options. For many, the alternative finance space, through brokers, has displaced the banks and become the mainstream source of funding.
“Being the largest independent in the UK provides us with the opportunity to review the whole finance market for our clients, ensuring we secure the best solution while providing industry leading service. Other brokers just don’t have access to the diverse array of funding lines we have.”
He added: “I’m thrilled to have been given the opportunity to lead PMD’s continued expansion in the North East market with the aim of building strong and lasting relationships with the region’s professional community, SMEs, and plant, machinery and asset suppliers.”
PMD Business Finance, based in Oldham, was founded in 2010 and has 43 staff. It is predominantly focused on the SME sector, working directly with clients, professional referrers, and suppliers of business assets.
With more than 100 funding lines, PMD provides solutions for businesses looking to expand, improve cash flow, or acquire plant, machinery and vehicles. In addition, it also assists businesses in restructuring debt along with providing finance for acquisitions, MBOs and trade sales.
Earlier this year, PMD was acquired by its management team – Tom Brown, Lee Schofield and Rob Dermody – from founders Peter Dobson and Mike Rodgers.