UK Bond Network boosts team

The UK peer-to-peer lender has hired Simon Eagles from Monument Securities to be head of lending.

Simon Eagles has been appointed head of lending at the UK Bond Network, where he will source prospective transactions for the platform, the group said in a statement on Monday.

Eagles joins the UK peer-to-peer bond and loan platform from Monument Securities, where he developed a private placements business.

He will report to Chris Maule, chief executive and founder of UKBN, and will be responsible for undertaking due diligence on issuing companies among other tasks.

Eagles previously held director-level positions at Jefferies International, WestLB Panmure and HSBC Investment Bank, where he was European Head of Convertible Bond Origination.

Commenting on the appointment, Chris Maule said: “UKBN has seen strong interest in its platform from potential clients and investors alike and Simon’s appointment reflects how our team is growing as a result of this demand. Simon is hugely experienced in originating and delivering bond transactions and he will make a vital contribution to UKBN as we continue to grow our business and bring together a network of UK SMEs and investors.”

The UKBN platform aims to bridge the gap between smaller alternative finance providers and the retail bond market, “which is generally not viable for companies seeking less than £20 million [(€24.3 million; $33.6 million)],” according to the UKBN statement.

It focuses on providing finance to listed and unlisted UK SMEs seeking to raise between £500,000 and £4 million (€4.9 million, $6.7 million) and has completed auctions on two companies, raising £500,000 for Red Rock Resources in December 2013 and up to £2 million for a second company, the name of which was undisclosed, in the first quarter.