Wyelands Bank, a young UK bank for SMEs, has grown its working capital solutions team with two senior hires.
Kelvin Thomas (pictured) and Henry Wheeler both join as regional directors for working capital solutions.
Based in Cardiff, Thomas will be responsible for originating deals in South Wales and the South West. He joins from ABN Amro Commercial Finance UK, an asset-based lender that is part of the Dutch ABN Amro group, where he was the sales director for Wales and the South West.
Wheeler, meanwhile, is based in Leeds and will focused on Yorkshire and the North East. He joins from Aldermore Bank, a UK-based challenger bank for SMEs, where he was responsible for business development in Yorkshire.
In their new roles, Thomas and Wheeler will help to grow Wyelands Bank’s asset-based lending offer. Wyelands says in a statement that the appointments are “part of the bank’s strategy to help manufacturing and industrial businesses to trade and grow through the right combination of simple financial solutions”.
“Together they will help us continue to deliver innovative and high-quality financial solutions to small and medium businesses across the manufacturing supply chain,” says Ian Flaxman, managing director for working capital solutions. “With a strong track record in asset-based lending and a significant regional presence, Kelvin and Henry demonstrate our commitment to our customers.”
Wyelands Bank opened its doors in December 2016. It was formerly known as Tungsten Bank but relaunched under its new name after being acquired by businessman Sanjeev Gupta and becoming part of GFG Alliance. The alliance also includes metals and industrial business Liberty House and sister energy and resources company SIMEC.
Wyelands Bank has since been expanding its working capital proposition. In June last year, it recruited Flaxman from HSBC to drive expansion in its product suite within receivables, inventory, asset and supply chain finance.
His hire followed a number of strategic investments and senior appointments by Wyelands Capital, the bank’s sister company, to expand its capabilities in inventory finance and political risk and trade credit insurance. This included a partnership with Demica and the acquisition of insurance broker Trans-World Credit Corporation.
Wyelands Capital is a financial consultancy business that will initially deliver its services to the GFG Alliance companies. Like Wyelands Bank, it was created as part of the alliance’s plans to expand as a financial services provider, with Jean-Francois Lambert, a leading trade finance specialist and former head of commodity trade finance at HSBC, as a strategic advisor.