Lloyds Bank Commercial Banking has appointed an invoice finance director from within the company.
Reporting to the company’s flagship office in Birmingham, from August onwards Richard Ford takes up the role from his previous position as a relationship director.
As well as his position as relationship director, Ford has been a director of business development at Lloyds since 1989. He was also a senior director for commercial banking at Lloyds TSB commercial from 2007-2013, and corporate director for business development in the Black Country, Staffordshire and Stoke on Trent from 1999-2007.
The appointment follows Abigail Holloway’s promotion to invoice finance associate director in May and Lee Mason appointment as an invoice finance director in March.
James Meakin, Lloyds Commercial Banking director for the Midlands, Central and East of England, said: “Holloway, Mason and Ford boast more than 80 years of combined experience between them, and these promotions will enable them to focus on helping businesses across the Midlands unlock cash that can be used to fund growth.
“Lloyds Bank stands firmly by the side of businesses in the Midlands, the lifeblood of our regional economy. Helping them to better manage their cashflow is a key focus for us as we help them prosper.
“Our latest Working Capital Index found that Midlands businesses had more than £73bn tied up in stock and materials, and working capital management can help business to release these funds and enable investment. Invoice finance, for example, allows firms to access the money they are owed in unpaid client bills very quickly, often within 24 hours, freeing up cash that can then be used to help catalyse growth.”
Last year it was confirmed that Lloyds Banking Group motoring businesses, Black Horse and Lex Autolease, will be run under a single combined leadership structure from 1st November 2018. Richard Jones, managing director of Black Horse, will become managing director of Black Horse and Lex Autolease, to be known as Motor and Leasing.