RAPHAELS Finance is the new name of motor finance specialist Southern Finance as Raphaels Bank formally rebrands its lending division for a market in strong shape.
The significant move is designed to convey its strength, security and agility as one of the UK’s leading independent consumer and asset lending banks, concluding the historically recognised Southern Finance trading style after more than half a century.
Originally established in 1957, Southern Finance Company Ltd joined the Lenlyn Group in 2004 and was acquired by group member Raphaels Bank – which dates from 1787 – in 2010, with the hugely successful Southern Finance name the principal brand for the lending division.
The acquisition then enabled the motor finance specialist to build on its long-standing pedigree in the finance sector and extend its range of services for the retail motor trade and brokers as well as the wider commercial fleet, plant and machinery sectors.
Carl Virgo, head of lending at Raphaels Bank, said: “It has become increasingly important to us to align our lending operations much more closely with the Raphaels name so that we can leverage the strength and security of the bank in a more overt way.
“Now is exactly the right time to do this as we enter a new phase in our growth with the appointment of both Ashley Davies as business development manager looking after our asset finance products, and Patrick Charlton as national sales manager.
“The new and used car market is in strong shape and business investment in fleet, plant and machinery is very much on the up.”
In the 12 months to June 2015, members of the Finance and Leasing Association (FLA) provided finance totalling £32.7 billion through dealerships for new and used cars – both sectors up by 14% – with more than half a million new cars bought by businesses, up by 16%.
In the business sector commercial vehicle finance was up 9% to £6.38 billion, and car purchases up 20% to £8.83 billion, according to FLA figures.
Mr Virgo added of Raphaels rebranding in the lending sector: “The transition process, much of which has already been implemented, will be completely seamless and brokers and motor dealers can rest assured that they can continue to rely on the speed, flexibility and personal touch that sets us apart from the competition and which in turn, puts them in a strong position to capture the burgeoning motor and asset finance market in both regulated and non-regulated business sectors.”
