Pluto Finance’s Phil Hooper will become the new chief executive of Close Brothers’ Property Finance business, as Frank Pennal announces his retirement.
Pennal, who has been at the helm of the lender for almost two decades, will step down in January 2024. He joined the business as a director in 1997, and was promoted to chief executive in 2005.
The group’s property business, which also includes Commercial Acceptances and Close Brothers Bridging Finance, was a team of five with a loan book of £40m when Pennal joined. It has since grown to more than 100 employees, is currently funding 7,100 new homes and has a UK-wide loan book of £1.7bn as at 31 July.
Pennal said: “In some ways the business is very different to the one I joined, but the collegiate environment, commitment to strive for excellence and emphasis on building long-standing client relationships is still very much at its heart.”
Hooper, who has worked in senior property finance for 15 years, joins from Pluto, where he was head of lending. Prior to that he spent 36 years at NatWest, holding a number of senior positions, including head of real estate finance, managing the bank’s £30bn UK real estate loan book.
Hooper said: “I’m looking forward to leading the business’ next phase of growth, while remaining true to the values that have underpinned Close Brothers’ business model for more than 125 years.
“The Property Finance business has a well-deserved reputation in the industry for being a market leader in its chosen sub-sectors, and my priority in my new role will be to continue to provide the same exceptional level of client service; building on the strong foundations laid by the existing team.”
He has been working with Close Brothers since September to ensure a smooth handover, and will be supported in the role by Close Brothers Property Finance managing director Rowland Thomas.
Adrian Sainsbury, chief executive of Close Brothers Group, said: “Frank’s 26-year track record of galvanising leadership, unwavering client service and impeccable values have been the foundation on which our property business has been built.”
“Phil’s appointment represents a strong handoff on a high-performing business, which plays a critical role within the group. His depth of knowledge and experience in the sector means he is expertly positioned to take up the mantle and drive further growth in the years ahead.”
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