Sanjeev Gupta’s Wyelands Bank, which lends to SMEs, has appointed a managing director for its working capital solutions team.
Ian Flaxman will focus on expanding Wyelands Bank’s asset-based lending offering.
Since opening its doors on 21 December 2016, Wyelands Bank said its total assets have risen from £24m to over £600m in its first 12 months. Over that time, the bank’s interest-earning asset book grew on average by around £30m per month since April 2017.
Ian Flaxman, managing director, working capital solutions, at Wyelands Bank, said: “In a short space of time, Wyelands Bank has become known as a bank that understands its customer’s businesses and helps them to grow. They have achieved this by focusing on what a business really needs, tailoring solutions that are flexible and operate without product silos.
“I’m looking forward to being part of a growing Bank and working with the team to continue to develop our capabilities and provide even more businesses with access to working capital.”
Iain Hunter, chief executive officer at Wyelands Bank, said: “We take the time to get to know and understand the businesses we support, ultimately helping our customers to trade, grow and create jobs. With a strong track record in asset-based lending, Ian’s appointment is further evidence of that commitment and will ensure our team can continue to deliver innovative and high-quality working capital solutions.”
Ian has 20 years’ experience in the asset-based lending industry, and has a track record of building successful UK teams that specialise in supply chain, receivable, inventory and asset-based lending.
Prior to joining Wyelands Bank, he was a director at HSBC where he was responsible for deal structuring and execution of large corporate asset-based lending facilities. Before HSBC, he held senior management positions with Credit Agricole, Aldermore Bank, and the National Australia Group all with a focus on asset-based lending.
Sanjeev Gupta’s Wyelands Bank
Wyelands Bank officially started its business in 2016, when steel tycoon Sanjeev Gupta bought Tungsten Bank. Wyelands says it has operated independently of GFG Alliance, the group of companies led by Gupta, and in 2017 it lent £200m in business finance.