David Totney, the former head of invoice finance at Santander, will spearhead the launch of a new Birmingham office for a finance firm.
Mr Totney, who also spent time as executive director of Lloyds TSB Commercial Finance, will head up the office for Positive Cashflow Finance in the city.
He joins founders David Smith, Phil Chesham, Simon Cook and Peter Davis on the board, and will establish Positive’s presence in the Midlands.
According to the company, Mr Totney will build a team as regional managing director to provide flexible financial support for business in the region.
Positive provides flexible finance of up to £1 million for companies with a turnover of £100,000 to £10 million to fund buyouts, acquisitions, working capital, new starts and pre-pack transactions, as well as replacing traditional bank overdrafts.
Mr Totney said the firm aims to become the leading independent invoice finance provider in the North and Midlands.
He said: “Positive was the perfect choice for me. As the business enters its fifth year, I am delighted to be joining the board and am excited about the opportunities that lie ahead. I look forward to building my team in Birmingham to support the region’s businesses and provide a hands-on local solution to their funding needs.”
David Smith, managing director of Positive, said: “David’s appointment is a real coup for us.
“His experience within the invoice finance industry and extensive network of contacts throughout the region makes him the ideal person to launch our new office in Birmingham.”