Change at the Helm: New CEO to Succeed Pennal at Close Brothers Property Finance

The Chief Executive Officer of Close Brothers Property Finance, Mr. Frank Pennal, is scheduled to retire on 1st January 2024, at which point Mr. Phil Hooper will assume the role of CEO. Mr. Pennal has been an integral part of the company since 1997 and was appointed CEO in 2005. During his tenure, the company experienced significant growth in both team size and loan book value.

Under Mr. Pennal’s leadership, Close Brothers Property Finance, which encompasses Commercial Acceptances and Close Brothers Bridging Finance, has expanded to include a team of over 100 individuals and a loan book valued at £1.7bn. The company has been actively involved in lending to reputable developers and housebuilders.

Mr. Hooper, who brings 36 years of real estate finance experience at Natwest, has been working closely with Mr. Pennal since September to ensure a smooth transition. He will also be supported by Mr. Rowland Thomas, managing director of Close Brothers Property Finance, and Mr. Daniel Hertz, managing director of Commercial Assurances.

Mr. Adrian Sainsbury, CEO of Close Brothers Group, has acknowledged Mr. Pennal’s invaluable contribution to the company, recognizing his leadership, client service, and values as instrumental to the success of the property business. He has expressed full confidence in Mr. Hooper’s ability to further drive growth in the coming years.

Mr. Pennal has also expressed his confidence in Mr. Hooper, commending his knowledge, strategic capabilities, and commitment to upholding the company’s standards of excellence. Meanwhile, Mr. Hooper has expressed his pride in assuming the new role and emphasized his dedication to maintaining the company’s strong reputation and high standards of client service.

The transition in leadership indicates that Close Brothers Property Finance is well-prepared for the change and is poised to continue thriving under Mr. Hooper’s guidance. This change signifies a new chapter for the company, building upon its established success and reaffirming its commitment to delivering exceptional client service in the property finance sector.