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Peer2Peer Finance News | July 21, 2019

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Folk2Folk appoints farmer to its board as chief exec vacancy remains

Folk2Folk appoints farmer to its board as chief exec vacancy remains
Marc Shoffman

RURAL peer-to-peer business lender Folk2Folk has appointed a farming expert to its board as a non-executive director, but there is no sign of a replacement for its chief executive Giles Cross.

Companies House documents show Graham Dingle has been named as a person of significant control at the platform’s parent company Folk Group Limited.

His brother Ron Dingle has also been listed as a person with significant control at Folk2Folk.

A spokesman for Folk2Folk said Graham Dingle has been named as a non-exec but both he and his brother have been listed as having significant control as they make up a combined shareholding of 25 per cent of more.

Firms must disclose when a shareholder owns more than 25 per cent of a company.

The lender’s founders Louis Mathers and Mark Parnall are still listed as persons with significant control of Folk Group Limited, which still owns the majority of Folk2Folk.

Little is known of the Dingles, but they are also listed as directors of agricultural company Parnall Group – majority owned by Mark Parnall – where their occupation is shown as a farmer.

Read more: Folk2Folk chief bullish on 2019 prospects after increased shareholder backing

The brothers gained notoriety at their home in Cornwall in 2011 when they built and connected a £1.3m wind turbine to the local electricity network without planning permission.

It is understood that neither of them is replacing Cross, who left as chief executive last month.

Roy Warren, the company’s head of loans, risk and portfolio, has been appointed as interim managing director. Folk2Folk said he has significant experience in running and developing businesses in the financial services sector.

Folk2Folk has had a number of changes at the top in recent years. Former chief executive Jane Dumeresque stepped down in September 2017, which was understood to be due to a clash in growth strategy with other stakeholders.