Tuscan Capital appoints chief financial officer
Tuscan Capital, the recently-launched bridging lender, has announced the appointment of a new chief financial officer.
Ed Parsons joins the firm with immediate effect. Along with CEO Colin Sanders, he is a co-founding director of the business but, for contractual reasons, can only now be confirmed in his new role.
Parsons has over 20 years’ experience in finance and accounting, including ten years in which he specialised in corporate and structured finance.
He trained as a chartered accountant – qualifying in 2000 – after which he focused on preparing ambitious companies for stock market Initial Public Offerings.
He made the move from professional practice in 2007 when he joined a high profile family office in central London. In this role, he was part of a highly-qualified team of professionals tasked to broaden the office’s offering away from a single asset class.
As part of this brief, Parsons formed and structured the funding lines for bridging lender Omni Capital Partners – now Fortwell Capital – which entered the market in 2010.
Much as he adores his spreadsheets and ledgers, Parsons said his life extends beyond balance sheets and P&L accounts. In his spare time, he enjoys golf and following the fortunes, or otherwise, of West Bromwich Albion FC.
Of his appointment, Parsons, pictured, said:
“Whilst well-supplied with reputable lenders, bridging continues to offer excellent opportunities for new providers willing and able to take the right approach to risk.
“Having helped launch and grow one successful lender eight years ago, I and fellow co-founder of Tuscan Capital, Colin Sanders, judged there was spare capacity in the sector to accommodate another entrant capable of serving the specific needs of brokers.
“As CFO, I will be taking a hands-on approach and won’t be afraid of getting involved in tasks not usually associated with the role. In particular, I want to give Colin and the first-rate team we’re building all necessary support to allow the business to expand proportionately and sustainably.
“One of my priorities in this regard is to secure an additional funding line to help meet the enthusiastic response we’ve received from brokers and introducers.”
CEO Colin Sanders added:
“Ed and I worked closely together at Omni to turn it into one of the sector’s best-known names.
“Whilst certainly good with numbers and commendably careful with the company’s treasure, he’s a far cry from the usual ‘accountant’ stereotype. With an astute commercial flair and ability to look at the bigger picture, I couldn’t ask for a better senior partner to help us take Tuscan Capital forward.”
Sanders concluded that, following a stronger-than-expected first quarter’s trading, the lender is looking to add to both its sales and credit risk teams and would be interested in hearing from suitably qualified applicants.