MD appointed at new Bibby marine finance firm
International SME finance firm Bibby Financial Services will launch a marine finance business this year, the company has announced.
Vessels with a value of between £1 million (€1,1 million) to £10 million (€11.3 million) will fall under the remit of the new company, which will be led by Paul Ratcliffe, who returns to Bibby 40 years after he first started with the firm.
Ratcliffe will step into the role of managing director on February 1 after leaving Shawbook Bank as director – Marine & Aviation.
“Having spent the first part of my career at Bibby after joining over 40 years ago, this feels like coming home,” said Ratcliffe. ”With global shipping costs high and the move towards decarbonation, businesses in the sector have a series of challenges to overcome. Combining BFS’s financing specialism along with the Group’s shipping heritage will enable us to support those operating within the sector and help them to access the funding they need to grow and thrive.”
