Noel Meredith, executive director at United Trust Bank (UTB) and head of the bank’s property development division, is to retire on 31 March 2021.
Adam Bovingdon (pictured), currently the division’s head of originations, will succeed Meredith as the new head of property development.
Meredith joined UTB in 1999 when the bank had 10 employees and a loan book of £9.9m comprising entirely of development finance loans. He joined the board of directors in 2010 and leaves the bank with a property development loan book at around £1bn.
Meredith oversaw the creation and launch of the £250m Housing Accelerator Fund, a five-year alliance between Homes England and UTB to improve financial support for the building activities of small and medium sized housebuilders and developers.
He will act as a consultant to the bank.
Bovingdon joined UTB in 2014 and is responsible for managing UTB’s development finance originations team. As a career banker he has spent the last 15 years working in the property finance sector developing and managing a portfolio of clients.
Meredith said: “I’ve thoroughly enjoyed the last 20 years helping to build United Trust Bank into an established and highly respected specialist lender. It’s given me great satisfaction seeing the new housebuilders and developers I formed relationships with as a BDM 20 years ago flourish into successful and sustainable businesses with UTB supporting their growth over many years, through every crisis from credit crunch to Covid.
“Over that time I’ve worked with many of the best people in the industry, not least the fantastic, committed and talented property development team we’ve assembled at UTB. I will no doubt miss the camaraderie of working in such a vibrant environment, but I’m leaving the bank in great shape and looking forward to watching UTB write the next exciting chapter of its remarkable story and improving my handicap when my golf club reopens.”
Bovingdon added: “Noel has been a big part of UTB for over two decades and having posted a record breaking year in 2020 he’s leaving the property development division in particularly good shape. He’s been an excellent mentor and I’m pleased we’ll continue to benefit from his vast knowledge as he becomes a consultant to the bank.
“I’ve spent the last 18 months leading the property development originations team, recruiting experienced people and expanding our coverage across England and Wales. We will continue to provide outstanding, reliable service to our clients throughout the economic cycle. We have just launched the Housing Accelerator Fund with Homes England and are well placed to continue the growth and success of the business. I am looking forward to leading the team as we set out to become the first choice specialist lender for housebuilders, developers and introducers.”
Harley Kagan, CEO of United Trust Bank, said: “Noel has been a very valued member of the team and has made an enormous contribution over many years to building UTB into a respected player in the development finance market. Noel’s experience and professionalism will be missed but we look forward to continuing to work together in his new role.
“We congratulate Adam on his appointment and wish Noel all the best for his retirement. I have no doubt he will be on the club’s leaderboard in no time.”