Praetura Asset Finance has appointed Ric Simmons as managing director following a sustained period of growth.
Simmons is one of the original members of the team that established PAF almost 10 years ago and has worked in the finance industry for over 20 years.
The appointment is part of PAF Group’s long-term organic growth strategy and consolidation in the sector. The group became one of the UK’s largest asset finance lenders following the acquisition of Kingsway Asset Finance and an expansion of the Group’s funding origination capacity in 2019.
The securitisation facility with NatWest Markets increased to £100m in 2022, helping drive record figures for the group in 2021 and 2022.
Based in the North-West, Praetura Group’s lending division includes PAF, Kingsway Finance, Praetura Commercial Finance, Praetura Invoice Finance and Zodeq. The businesses support clients across a wide array of industry sectors with SME funding solutions ranging from £5,000 to £25m.
Peadar O’Reilly, CEO of Praetura Group’s lending division, commented: “As a founding member of PAF, Ric has been an integral part of both the team and the company’s growth from the very beginning.
“He was promoted to the board in the role of sales director in 2018, before taking up the position of commercial director in 2020. Throughout those years, Ric’s dedication to Praetura Asset Finance and the team working with him has been exemplary and this promotion is thoroughly warranted and deserved.”
Simmons added: “These are exciting times at Praetura Asset Finance and I’m both proud and delighted to have been given this opportunity.
“But the records we’re consistently breaking would not be possible without the amazing team we have built, which without doubt are the best group of people I have ever worked with.
“Their knowledge, positivity and willingness to work together to offer more than money to our broker partners and their SME clients is inspiring.
“I feel privileged to now lead this team in the role of managing director and I am looking forward to helping shape the future of the business with this team.”