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The Isle of Man’s leading political figures have delivered an upbeat economic message to the Island’s business community at the Conister Bank sponsored Three Ministers Event 2023 – despite warnings that this year is likely to be a tough one.
Organised annually by the Isle of Man Chamber of Commerce, the Comis Hotel- hosted breakfast event saw presentations from IOM Chief Minister, Alfred Cannan; Treasury Minister, Dr Alex Allinson and Enterprise Minister, Lawrie Hooper.
Conister Bank are delighted to announce the sponsorship of the prestigious 2023 Three Ministers Event.
This key annual business gathering, organised by the Isle of Man Chamber of Commerce, will enable the Island’s corporate community to hear directly from Chief Minister, Alfred Cannan; Treasury Minister, Dr Alex Allinson; and Enterprise Minister, Lawrie Hooper.
It is being staged at the Comis Hotel and Golf Resort on Friday January 20th from 8.30am – 10.30am.
Each Minister will discuss the pressing topics affecting the Island at the current time, outlining their vision and objectives for the year ahead. Following the presentations, delegates will be given the opportunity to take part in a full Q&A session.
Pandemics, war, the impact of Brexit and an economic recession now in full swing - on the face of it, not the ideal backdrop for a mega 2023!
But, according to one of the Island’s leading bankers, even though companies and consumers alike face undoubted headwinds this winter and probably beyond, with careful stewardship, this it could still be a time of fresh opportunities – especially for small and medium sized businesses.
Douglas Grant, Managing Director of Conister Bank, said that his priority was to ensure both the bank and its customers stayed in good shape during the next 12 months and onwards.
“Navigating the current economic downturn, the cost-of-living crisis and inflationary pressures are this year’s major challenges for SMEs,” he said.
“Many people have been incredibly disadvantaged by the cost of fuel and rising prices generally. And wage inflation has not kept up with price inflation. This impacts every family, but it also impacts every business, too. They are just as prone to the increases in inflation as everyone else,” Douglas commented, adding that the bank had already taken action to help vulnerable customers.
“It’s tough for businesses to become more strategic and resilient when they are being hit by generational economic problems – but it can be done,” he said. “Nurturing good talent, embracing technology, focussing on resilient sectors that you understand along with optimising your working capital, these are all sensible housekeeping rules to bear in mind,” Douglas advised.
Manx Financial Group (MFG) have announced the appointment of Catherine Jack as Group Talent Acquisition Lead.
Catherine will spearhead recruitment across all areas of the Group in making strategic hiring decisions relating to operations, audit, risk, sales and IT.
Commenting on the appointment, Group CEO Douglas Grant, said: “The expansion of our existing HR operation is a clear indication of our intention to pursue a high-quality recruitment programme, at a time of exciting growth. Catherine is a hugely experienced recruiter, with specific and invaluable knowledge of the financial services industry, which includes close involvement with the Manx Financial Group since 2019. Her strong industry connections, unrivalled knowledge and dedication will be hugely influential during such a significant phase of our development.”
Net Zero Matrix – the title suggests it could be the title of a new blockbuster sci-fi movie. But it’s nothing of the sort!
It’s connected to the very real-life subject of greenhouse gas emissions in the atmosphere and the concept of net zero – a term relating to the desired balance between what’s being spewed out and what’s being removed.
It formed the subject of this month’s Isle of Man Chamber of Commerce Sustainability Group meeting – sponsored by Conister Bank.
The event held on 17th November at the iMuseum, attended by a broad cross-section of the Island’s business community.
The presentation was made by Jon Curtis, CEO of Energy Management Group, Curtis Associates, who specialise in managing data for the entire spectrum of the energy industry. Jon’s been a passionate advocate of replacing fossil fuels with renewable alternatives, advancing carbon sequestration projects. He is also behind the concept of Net Zero Matrix.
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Online buy now, pay later millennial finance firm, Payl8r, has secured its first institutional funding line with Conister Bank, an achievement that will boost the award-winning business’s ambitious expansion plans, which includes the aim to become a £1bn fin-tech business within five years.
The funding has the potential to generate a further £40m for Payl8r and will enable further growth by helping the business grow its customer base, partner with larger brands, grow into new sectors, and bring new products to markets.
Chief Executive Louis Alexander, Managing Director Samantha Palmer, and Finance Director Tim Slinger worked on the funding initiative, which required an 18-month process of due diligence, analysis, and scrutiny.
The deal with Conister Bank will play an integral role in Payl8r’s mission to become the main credit provider to millennials in the UK.
Conister Bank Managing Director Douglas Grant said: ‘Even though 2020 was a more challenging year than any of us could have imagined at the outset, we are pleased with our performance.
‘Our lending increased to a new record of £167.2 million, compared with £158.8 million in 2019, while our assets grew 6% to £268 million, compared with £252.9 million in 2019.’
He added: ‘We are proud of our record of supporting businesses and clients during this difficult time and of maintaining our place at the heart of the Isle of Man community.’
• 2020 lending totals £131 million, surpassing 2019 by 7%
• Conister has also received an additional allocation of £5 million from the British Business Bank to focus on resilient businesses seeking funding
• Conister has lent £9 million through the British Business Bank’s BBLS
Conister Finance & Leasing Limited (“Conister”), part of Manx Financial Group PLC (AIM:MFX), today announces that it achieved record lending levels in 2020, by advancing deals totalling £131 million, representing a 7% increase on the total amount lent throughout 2019 (£122 million), by providing critical funding to small and medium sized enterprises (“SME”) as they navigate the economic impact of the COVID-19 pandemic.
Conister Bank’s parent company Manx Financial Group PLC - Isle of Man-based financial services firm - Announces plans for the inaugural dividend. Outlines a dividend scheme meaning eligible shareholders can elect to be issued new shares or get a cash payout. Dividend amount to be based on post-tax profit for the year ending 2020.
The script option will enable eligible shareholders to increase their holding in the company in a simple, cost-effective way, by receiving new shares instead of cash. This will also allow the company to retain the cash in the business that would otherwise be paid as a dividend, aiding further growth.
Conister supports Proportunity as it seeks to positively contribute to the dynamics of the UK housing market as they help first-time homebuyers to move onto the property ladder following the post-lockdown housing boom.