Cynergy Business Finance bolsters management team with new head of operations
Asset-based lending specialist, Cynergy Business Finance (CBF), has appointed Lorraine Udale as head of operations to its fast-growing team.
Lorraine will bring nearly 30 years’ experience within the asset-based lending, invoice discounting and factoring sectors to the team. She joins the Manchester-headquartered business from Praetura Invoice Finance, where she had previously worked as operations director since August 2021.
With CBF’s customer base continuing to grow rapidly, Lorraine will be leading on the operations side of the business, ensuring the continued success of client relationships through comprehensive relationship and risk management.
This latest appointment also marks the strong growth of the CBF team, with an 74% increase in headcount over the last year.
A prominent UK asset-based lender, CBF provides unique solutions to ambitious businesses looking to grow across a range of sector. Recent deals include a £1m facility to leading seafood distributor, Southern Aqua Seafood, and a £2.5m facility to home furnishings firm, Esselle Retail Limited.
Commenting on her appointment, Lorraine said: “It’s an exciting time to be joining the experienced management team at CBF during a period of such significant growth. I look forward to playing my part in the future development of its business and staff.
“With such a wealth of expertise and connections across the asset-based lending sector, CBF are in an excellent position to utilise a range of products to create unique solutions to each of its clients. This ultimately helps to assist the growth and working capital of the commercial and corporate markets.”
Mark Simpson, operations director at Cynergy Business Finance, added: “As CBF continues to grow the loan book and operational support to service increased client numbers, I am really pleased to welcome Lorraine into the team as head of operations.
“A key hire for the business, Lorraine has significant experience in the ABL market and will be responsible for ensuring best-in-market customer service, allied with prudent risk management controls within the operations team.”
