Noel Meredith

UTB's Noel Meredith to retire



United Trust Bank (UTB) has announced that long-standing executive director and head of its property development division, Noel Meredith, will retire on 31st March 2021.


He will, however, act as a consultant to the bank going forward.

Adam Bovingdon, currently the division’s head of originations, will succeed Noel as the bank’s new head of property development.

Noel joined UTB in 1999 when it had just 10 employees and a loan book of £9.9m, comprising entirely of development finance loans. 

Since then, he has played an instrumental role in the bank’s growth, joining the board of directors in 2010 and working closely with deputy chairman Graham Davin and CEO Harley Kagan.

Most recently, Noel oversaw the creation and launch of the £250m Housing Accelerator Fund, a five-year alliance between Homes England and UTB that aims to support SME housebuilders and developers.

Noel said: “I’ve thoroughly enjoyed the last 20 years helping to build UTB 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!”

Adam joined UTB in 2014 and is responsible for managing its development finance originations team. 

He spent the last 15 years working in the property finance sector developing and managing a portfolio of clients.

“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," Adam commented. 

“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 am looking forward to leading the team as we set out to become the first choice specialist lender for housebuilders, developers and introducers.”

Harley added: “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 leader board in no time.”

The specialist bank’s property development loan book currently stands at around £1bn.



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