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The latest news and updates for the Castle Trust group
Castle Trust has published its latest financial statement, as at 31 March 2019. The full detail of the statement can be found in the updated 'Supplementary Prospectus 19 07 04' document in the Prospectus Documents section of the Investments page, and a downloadable Financial Strength Summary can be found at the bottom of the About Us page.
The summary is as follows:
Castle Trust is a financial organisation that continues to go from strength to strength. We are a provider of investment, mortgage and consumer lending products, employing over 220 people across our executive headquarters in the City of London, and an administration centre in Basingstoke, Hampshire. Launched in October 2012, Castle Trust’s principal shareholder is the leading private equity firm J.C. Flowers & Co., which currently manages circa £6 billion in assets.
As at 31 March 2019, customers had £737 million invested into our Fortress Bonds, a product we launched in July 2014. In the last 12 months alone, interest payments of more than £16 million had been made to customers, with all payments (including capital repayments) being paid to those customers when due. Customer satisfaction was such that approximately 73% of customers reinvested with Castle Trust when their existing investment reached maturity.
As at 30 September 2018, Castle Trust’s total loan book stood at over £656 million. This included £497 million of mortgages secured on UK based, predominantly residential, property with the remainder of the book being unsecured consumer and wholesale lending. The business also had over £163 million of cash and cash equivalents that were held in reserve to meet short term funding requirements.
Castle Trust Capital plc is pleased to announce the appointment of Ronnie Denholm as Managing Director of Omni Capital Retail Finance, its point of sale finance division.
Following the acquisition of Omni Capital Retail Finance in 2016, Castle Trust has restructured the operations of the business and has ambitious plans for progress.
Ronnie is an experienced financial services leader and joins the business from Barclays Bank Plc, where he held various Managing Director roles across the business, including most recently Barclays Partner Finance, one of the UK’s largest point of sale finance companies. Prior to joining Barclays, Ronnie held several senior leadership roles across the American Express group, with a strong growth record across each of the business areas he led.
Martin Bischoff, Chief Executive Officer of the Castle Trust Group said: “Opportunities to work with someone of Ronnie’s calibre are rare, so we are privileged to have him on board. As he’s demonstrated in the past, he is a very capable pair of hands to lead the business as it looks to grow. We have big ambitions for Omni Capital Retail Finance, which Ronnie is integral to helping us achieve.”
Speaking of his appointment, Ronnie said: “I am delighted to join Omni Capital Retail Finance. The company has undergone a lot of changes recently and the prospect of leading the next phase of the company’s growth is an exciting challenge. I look forward to working together with the team to consolidate the business’ position within the market and expand its operations further. “
Castle Trust announces two further management changes.
Barry Searle, the company’s current Chief Operating Officer will become the company’s new Managing Director (Mortgages). Barry has been with Castle Trust since 2014, he has been instrumental in the growth of the company, especially within the mortgage division. He held the largest underwriting mandate and had overall responsibility for operations. During Barry’s financial services career he has held senior roles at various institutions including Legal and General’s mortgage division and GMAC RFC.
Stuart Sykes will be joining the company as Operations Director from MyJar, where he has been Group Customer Operations Director for the last four years. He has previously held roles at ICICI Bank, RBS and Lloyds Banking Group.
Speaking of the appointments, Martin Bischoff, Chief Executive Officer said:
“As the company’s COO, Barry is already very familiar with both the industry and the aims of the business and was a natural choice to fill the role. He has contributed enormously to the success of the business so far and will be a pivotal part of our transition to become a bank.
“Stuart has extensive experience in the lending environment, particularly in consumer finance. We are delighted that he has chosen to join us as we move into Castle Trust’s next phase.”
Following continued success, Castle Trust has entered discussions with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to pursue a banking licence application.
This represents the next phase of growth for Castle Trust, which was originally authorised by the FSA in September 2012. Since then, Castle Trust has offered investment products alongside its mortgage range and now has approximately £750m of assets under management and £660m of bonds outstanding. In 2017, Castle Trust further expanded the offering with the acquisition of Omni Capital Retail Finance.
As a result of this growth, the company has applied for the licence to support the continued evolution of the business and enable it to further expand the product offering across both the mortgage, savings and consumer finance arms.
Speaking of the application, Sean Oldfield, Group Chief Executive said:
“We are delighted with the progress of the business to date and today marks a significant moment in the evolution of the company. Making the application for a banking licence will allow us to continue our innovative approach to both investments and mortgages as the business continues to grow.”
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