Former Syscap boss takes over top role at luxury asset lending platform.
Luxury asset lender Borro has withdrawn from the property bridging loan market, following a strategic review. Going forwards, the company will focus on its core luxury asset finance activities, which involve making loans to individuals, secured against assets like jewellery, watches, art, fine wine and classic cars.
Meanwhile, John Allbrook, formerly the executive chairman of IT finance solutions firm Syscap, has taken over as CEO of Borro. Allbrook is said to have been instrumental in growing Syscap to the point that it was acquired by the Wesleyan Assurance Society in 2015.
“Borro has carved out a unique space in the Financial Services market and I am confident about future growth,” said Allbrook.
“However, the property bridging market has become particularly crowded and this coupled with decreasing property values makes this a pragmatic decision to have reached.”
It is not entirely clear why founder and former CEO Paul Aitken – who stepped down on 13 June – left the company. He has issued the following statement:
“Obviously this was a very tough decision for me but the time is right. Borro started at a time when there was no one doing this kind of lending and growing the business from a start up to the company it is today has been a terrific experience. The business has matured a lot over the years and John is the right person to lead it onto the next stage of its development.”
Borro has lent over £260m across the UK and US since launching in 2009. Its loans range between £5k and £5m, with the average loan size currently at £50k.