Liquidity Ltd set to give Midlands-based SMEs a boost

12 October 2004

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David Totney has set-up the largest commercially funded new start business ever in the Midlands region. Totney recently left his position as corporate sales director of Lloyds TSB Commercial Finance, to be the principal founder and chief executive officer of Liquidity Ltd, which has raised capital of around Â£24m. Liquidity will provide sales finance to help fund entrepreneurial businesses in the Midlands and aims to have total advances of over Â£30m within the next five years. Midlands-based entrepreneur Grahame Whateley, chairman of Castlemore Securities Ltd, has been appointed non-executive chairman of the business. He has also provided equity capital. Liquidity's other executive directors include David Yeomans, a chartered accountant and the former finance director at Powerhouse Retail, Andy Dodd, formerly Midlands regional manager with RBS Commercial Services, has been appointed as operations director, and Asplin has been made a non-executive director. Mark Asplin and David Tucker of Jasper Corporate Finance arranged the company's financing package, while Lloyds TSB Commercial Finance provided senior debt finance.