Bluestone names Peter McGuinness as CEO

Specialist lender Bluestone has named Peter McGuinness as chief executive with immediate effect.

Mr McGuinness, who joined the business in 2003, led the establishment of a car and equipment finance business s in Ireland, as well as Bluestone's successful expansion into mortgage lending. Founder and executive chairman Alistair Jeffrey will remain with the group but as a non-executive chairman.

The company said it is now a significantly larger business than at its pre-crisis peak, with a global workforce of more than 250 people in four countries, net assets of £40 million and normalised earnings of over £8 million per annum.

The business is 53 per cent-owned by LDC, the private equity arm of Lloyds Bank, and 14 per cent by Macquarie Bank, with the balance held by the management team and staff.

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Bluestone lends to the self-employed, recent migrants, contractors and part-time workers and customers that have had prior credit problems. It has lent over £4 billion to the sector since 2000.