Former Greensill executives re-emerge with new industry finance challenge


A gaggle of former executives at Greensill Capital, the collapsed provide chain finance lender, will this week unveil a brand new industry finance challenge concentrated on blue-chip company shoppers.

Sky Information has learnt that Silver Birch Finance, which has been co-founded by way of Sean Hanafin, will announce its release on Thursday.

It is going to be the primary main new entity to be established by way of ex-Greensill executives because the corporate crashed into insolvency in March.

Mr Hanafin labored for 18 months at Greensill, maximum lately as president and world head of origination for multinational corporates, however the majority of his occupation used to be spent at Citi and Usual Chartered, the rising markets lender.

At Silver Birch Finance, Mr Hanafin is being joined by way of former Greensill colleagues together with John Goodridge and Tim Armstrong.

Between them, the 5 founders have neatly over a century of collective enjoy in industry finance, in step with an insider.

The brand new challenge’s infrastructure is being funded by way of seed capital supplied by way of companions at TDR Capital, the personal fairness company which lately engineered the takeovers of Asda and Aggreko, the brief energy answers supplier.

AgFe, a regulated asset control company, could also be a shareholder in and strategic spouse of Silver Birch Finance, in step with insiders.

Mr Hanafin and his colleagues are understood to have recognized the availability of operating capital to corporates in sectors akin to shopper items, industrials and herbal sources as a big ongoing alternative.

Research by way of Moody’s, the credit score rankings company, means that the worldwide addressable marketplace for industry finance is value more or less €55trn, with out a unmarried supplier keeping a marketplace percentage of greater than 0.5%.

Other people on the subject of Silver Birch Finance mentioned that it might now not supply provide chain finance of the sort introduced by way of Greensill Capital.

Greensill’s cave in and next revelations concerning the lobbying actions of David Cameron, the previous high minister who recommended the corporate, have escalated into a big political controversy.

Silver Birch Finance plans to focus on best company shoppers, and won’t paintings with executive or public sector organisations, in step with insiders.

Via offering operating capital finance, the company will permit its shoppers “to get pleasure from simple task of cashflow control, letting them make investments and reallocate capital faster than they’ll were in a position to in a different way”, in step with one individual on the subject of its plans.

“The type here’s in accordance with receivables and stock finance, now not payables,” the individual added.

A spokesman for Silver Birch Finance showed that it might announce its release this week.

A number of of Greensill Capital’s companies have both been offered by way of directors or been dissolved because the corporate’s cave in.

Dozens of its executives and different workers were recruited by way of different avid gamers within the non-bank lending sector, together with Pemberton and Taulia, in step with Town resources.


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