Following a management buy-out, Jersey’s newest loan company opened for business on 1 November. Reto Finance is the new brand for Shawbrook International in a deal which has been supported by leading private equity investor Quilam Capital.
Reto, which means ‘challenge’ in Spanish, has exciting plans to shake-up the local lending market while continuing to operate the existing and successful business.
Since opening in 2016, Shawbrook International has become a significant finance provider for both personal and business customers. While successful, however, the local management team identified opportunities to take the business further through separation from its UK owners. Negotiations recently came to fruition, allowing Reto Finance to step forward.
“The relationship with Shawbrook lent a powerful platform upon which to build the business” explains Adam Dawson, who remains CEO of the new company, “but we believe there’s now an opportunity to become more tailored to local needs. Under the new arrangements, we can more fully create the products and services demanded by Channel Islands customers. Being part of Shawbrook allowed us to challenge the local lending market. As Reto, the challenge now is simply how far our ambition can take us.”
Operating from its existing Conway Street premises in Jersey and Smith Street in Guernsey, Reto plans to continue offering a wide range of loan products for both personal and business customers. The opportunity presented by the new company will be extending that range and challenging the traditional approach taken by many local lenders.
“Customers old and new can rely on us for traditional loans,” Adam continues, “for a holiday, new car or home extension perhaps, or when buying business equipment and assets. We don’t want to categorise or pigeon-hole anybody’s requirements however. Reto will be the specialised lender of choice, providing flexible finance solutions that suit local needs, whatever shape or form they come in. An “off-the-shelf” approach to loans just won’t work in the future. The world is changing – it’s time to change the approach to lending as well.”
All existing customers are being contacted with information about the new company, with no planned changes to their existing terms and conditions. New customers continue to be welcomed, with no disruption to lending anticipated.