Close Brothers Property chief executive Frank Pennal has announced he will retire in January 2024 after nearly two decades in the role.
Pennal joined Close Brothers Property Finance as a director in 1997 and was promoted in 2005 to chief executive of the group’s property business, which also includes Commercial Acceptances (CA) and Close Brothers Bridging Finance (CBBF).
He will be succeeded by Phil Hooper, who has worked in property finance for 15 years, most recently as head of lending at specialist lender Pluto Finance, prior to that he spent 36 years at NatWest, holding a number of senior positions, including head of real estate finance.
Hooper has been working with Close Brothers since September allowing for a handover alongside Frank, who will leave the business on 1 January 2024.
Hooper will be supported in the role by Rowland Thomas, managing director of Close Brothers Property Finance, who has been with the company for 37 years, Daniel Hertz, managing director of CA, who has spent 26 years with the business, and the rest of the senior management team.
Close Brothers Group chief executive Adrian Sainsbury says: “Frank’s 26-year track record of galvanising leadership, unwavering client service and impeccable values have been the foundation on which our Property business has been built. Under his strategic counsel and direction, the business is now the market leader for SME development finance, lending to the UK’s most respected developers and housebuilders.
“Phil’s appointment represents a strong handoff on a high-performing business, which plays a critical role within the group. His depth of knowledge and experience in the sector means he is expertly positioned to take up the mantle and drive further growth in the years ahead.”
Pennal says: “It has been a great privilege to work alongside such a hardworking and dedicated team. In some ways the business is very different to the one I joined, but the collegiate environment, commitment to strive for excellence and emphasis on building long-standing client relationships, is still very much at its heart.”
“Phil has excellent knowledge of the property finance market, impressive strategic capabilities and I have every confidence that the Close Brothers Property business will continue to excel under his leadership.”
Hooper says: “I am incredibly proud to take on the role of CEO from Frank and I’m looking forward to leading the business’ next phase of growth, while remaining true to the values that have underpinned Close Brothers’ business model for more than 125 years.”
