Frank Pennal, CEO of Close Brothers’ property business, is retiring in January after almost two decades at the helm. He will be replaced by Pluto Finance’s head of lending Phil Hooper.
Pennal joined Close Brothers as a director in 1997 and was promoted to the role of CEO in 2005. Under his leadership, the team has grown to more than 100 people and had a UK-wide loan book of £1.7bn as at 31 July 2023.
Prior to Pluto Finance, Hooper spent 36 years at NatWest, holding a number of senior positions, including head of real estate finance. He has been working with Close Brothers and Pennal since September to enable a smooth handover.
Adrian Sainsbury, chief executive officer of Close Brothers Group, said: “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 added: “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 said: “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. The property finance business has a well-deserved reputation in the industry for being a market leader in its chosen sub sectors, and my priority in my new role will be to continue to provide the same exceptional level of client service; building on the strong foundations laid by the existing team.”
