Former Virgin Money director of intermediaries Richard Tugwell has joined Capital Home Loans (CHL) as commercial director.
Tugwell joined Northern Rock in 1986 and was head of national sales at the bank for over 25 years. Following the collapse of the lender in 2007, precipitating the credit crunch, the “good” part of the bank was bought from the government in 2011 by Virgin Money for just half the amount that the UK taxpayer injected into the bank.
And following the sale Tugwell became director of intermediaries.
Speaking of Tugwell’s appointment CHL managing director Gerry Hickey said: “We are delighted to welcome Richard Tugwell to the CHL team as commercial director. Richard brings a wealth of experience to our team having been in the market for over 30 years, for the majority of this building relationships with intermediaries, and most recently as the intermediary sales director for Virgin Money . Richard will be looking after our sales and marketing teams and helping to form the strategy that will fulfil our ambition to return to the lending market.”
Fleet based CHL plans to recommence lending in the summer having ceased writing new business back in 2008.