Richard Pepler, chief executive and co-founder of Bristol-based factoring group Ultimate Finance, has quit the business with immediate effect.
Mr Pepler, who was previously sales and marketing director at Bibby Factors in Bristol, launched the business nine years ago and has since built it up to become one of the largest independent businesses in the invoice discounting and factoring market.
It has a market value of £7.34m on the London Stock Exchange’s (LSE) AIM market. At the time of its annual results in September the fast-growing group announced a 103% increase in operating profits to £904,000 on turnover up 51% to £9.7m.
From its start in Bristol, covering mainly the South West, the firm has expanded into a national operator through a string of acquisitions and has also entered the international asset-backed finance market.
In a statement to the LSE, Ultimate said Mr Pepler had “decided to seek new challenges”.
Non-executive director and chairman of the remuneration committee Richard Lee has also left.
Co-founder and group managing director Jeremy Coombes will act as interim chief executive. The firm said Jeremy already plays a pivotal role within the group and has increasingly been taking responsibility for its operational and strategic plans.
Two new non-executive directors, Matt Cooper and Roger McDowell, are to join the board.
Mr Cooper is chairman of Octopus Capital and a director at Carbon Leadership.
Mr McDowell is chairman of Augean, Avingtrans, and One Advice and a non-executive director of I S Solutions
In an update, the company said while conditions remained difficult it continued to trade in line with expectations.
Chairman Clive Garston said: “The board would also like to thank Richard Pepler for his contribution to the growth of Ultimate Finance and wish him well in his future endeavours.”
