New business chief at Telford finance firm

A finance firm has hired a business development chief as part of a move to broaden its service offer.

Telford-based Novuna Business Cash Flow has recruited Neil Sturgeon as corporate business development manager to lead the new asset-base lending operation.

Mr Sturgeon brings more than 40 years of experience across asset-based lending, receivables finance and working capital from previous roles with Barclays and HSBC among others.

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He will work alongside head of relationship management Dan Lambourne to grow the firm's work in the corporate funding market from its base on Stafford Park.

Mr Sturgeon said: "There is a real opportunity to build a strong asset-based lending proposition.

"I'm looking forward to working with advisers across the UK and establishing Novuna as an increasingly important player in this market."

The hire comes as the firm, part of the wider Novuna group which provides a range of financial products, launches new asset-based lending facilities of between £2 million and £25 million.

This enables businesses to raise funding against receivables, inventory, machinery and property.

Novuna said the move represented a significant expansion beyond its traditional portfolio of products and would support medium and larger businesses with acquisitions, investment and growth.