Davenham Group launches trade finance arm with appointment of Vince Tovey
Manchester based Davenham Asset Finance is all set to venture into the trade finance market place following the appointment of Vince Tovey as Head of Commercial Funding.
Already having an established nine- year relationship with the Davenham board, Vince brings with him invaluable experience of providing funding to SME businesses through trade finance and asset based lending products. Vince previously spent twelve years in mainstream banking with major players like NWB and HSBC, covering import and export transactions, as well as a further seven years at Cattles Invoice Finance / Aldermore Bank, with responsibility for relationship management and underwriting in the North West.
Davenham Trade Finance has been launched to help fill a gap in the market and provide alternative financing for small businesses, as borrowing through traditional methods has become increasingly difficult for the smaller SME’s. To help meet this demand for a more tailored approach to funding, Davenham Trade Finance has just launched with a new brand and website. Davenham’s experienced management team are dedicated to looking beyond the balance sheet and focussing on a business’s transactions, working in partnership with clients in order to provide a fast and flexible financing solution for SME’s, with the key focus on businesses from new starts up to £2m turnover.
One of the first major deals in which Davenham Trade Finance have provided such funding was for a Lancashire based importer and distributor of specialist medical equipment, Touchstone Medical. As the owner’s former company Vision Medical had previously gone through administration, Davenham provided a £75k letter of credit facility, allowing the new company’s German supplier to ship their goods, therefore enabling all orders to be fulfilled in a timely manner; ultimately helping the business re-establish itself.
Darren Neill, Touchstone Medical’s managing director, said: “Without the support, guidance and expertise of the Davenham Trade Finance team, we would not have been able to fulfil the pre-orders we had for a number of NHS Trust and Private Hospital clients – this was critical and a time where our reputation and stability was at stake. Davenham Trade Finance’s service approach to the market is a welcome change for growing SME’s like Touchstone Medical, who become stuck in a cycle where there is immediate client demand and potential to grow the business, but little capital or traditional banking support with which to do so. I cannot thank the team enough.”
With over 28 years of experience in the banking, finance and asset based Lending sector, Vince’s appointment to Davenham as head of Commercial Funding is led by a strong desire to re-introduce the Davenham name into the trade finance market, and grow a relationship focussed team to support the division.
Paul Burke, managing director at Davenham, said: “We are very excited about this new addition in the overall services provided by Davenham. We are approaching a totally different market and we are confident in Vince’s capabilities. Being responsible for the growth of the company, the acquisition of a vast number of Vince’s professional contacts in the finance industry is of great value to move Davenham forward in size.”
