Published on 31 July 2006

According to recently-appointed head of BOSEF Norman Carson, the equipment finance business was chosen as the first within the group to go through the implementation of a brand new IT infrastructure because its future growth had become "dependent upon a move to more advanced processing".

The migration of data from BOSEF's legacy system to the new IT infrastructure – the group will be using CHP Consulting's Alfa Systems – is expected to take place in late 2006.

Migrating to Merseyside

As part of the changes that are to take place, BOSEF's processing will be moving to Speke, near Liverpool, from the current base at Dartford, near London.

Explaining the rationale behind the decision to move premises, Carson said: "In order to grow the business for the foreseeable future, we need to look at economies of scale.

"To do that, we need to get the technology right, and we simply can't do that from our current base in Dartford. We're too restricted by space."

He added: "We will be moving into offices currently occupied by Capital Bank Motor [HBOS's core consumer point-of-sale motor lending operation]."

According to Carson, the bank is "determined to drive forward the 'shared services model' to increase efficiencies within the asset finance division as a whole".

"There will of course be a dedicated BOSEF staff in Speke," he said, "but the size of the overall operation will mean that we will be able to share resources between other group businesses and, therefore, smooth out the natural peaks and troughs."

BOSEF will not be leaving its southern roots entirely. Carson explained: "While there is a clear rationale around the decision to move [to Speke], we will be maintaining our main sales base in the South."

The exact location of the southern office is yet to be confirmed, although Carson added that the majority of the equipment finance division's 14 staff members are peripatetic, spending much of their time away from the office.

Some 70 per cent of BOSEF's business comes from "south of Birmingham", meaning that its continued representation in the southern half of the UK is of considerable importance.

Specialising in asset classes such as office, computer and catering equipment, BOSEF is purely intermediary-driven and, therefore, reliant upon the business placed with it by brokers; it has no direct links with the manufacturers of the equipment it finances.

Carson said: "The most important challenge the business will face in this process is to maintain the relationships with our intermediaries. These relationships are strong and have evolved over a long period of time and are the single most important dynamic of the business."

He added: "The move – both physically and technologically – is about growth. Last year we were voted 'lessor of the year' by the National Association of Commercial Finance Brokers.

"We have major aspirations to develop this business, and my job is to ensure that we continue to build on that success and be seen as best in class in this sector."

This article was written by Will Gold, Leasing Life.