Time Finance has announced its entry into the materials handling sector as it looks to broaden its asset finance capabilities and extend its lending book beyond £300m in the next three years.

This follows the appointment of Phil Blea as regional sales manager in the firm’s asset finance division, where he has been tasked with spearheading the lender’s expansion into this machinery-intensive market.

Time Finance, which specialises in providing finance to UK SMEs, will now offer funding for equipment used in materials handling – including machinery and tools typically used by manufacturers and storage operators.

The sector push is part of a wider strategy to develop tailored solutions for asset-heavy businesses, especially those with complex credit requirements.

Blea (pictured) brings considerable experience in asset lending and vendor finance, having previously worked at Close Brothers and Linde. His remit includes establishing the firm’s profile in the sector and developing partnerships with businesses requiring structured finance for hard assets.

The expansion builds on a strong year for Time Finance, which reported a record own-book lending figure of £217m for the year ending 31 May 2025. The company has set out plans to grow that figure by nearly 40% over the next three years as it targets new markets and develops its multi-product offer.

Steve Nichols, managing director of asset finance at Time Finance, said the launch of a specialist materials handling team was central to the firm’s ambitions.

“By developing innovative sector funding, we are tailoring our asset finance and multi-product solutions for key sectors and supporting businesses as they grow,” he said.

“Phil will play a pivotal role in helping us to build our presence and I’m delighted he has decided to join the team.”

Blea said he was “very excited” to be joining the company at what he described as a crucial stage in its development.

“I’m thrilled to be playing a part in the company’s move into the materials handling sector and the role it will play as the business embarks on its new three-year growth strategy,” he said.

“I’m looking forward to helping build our presence in the market.”