Founder and chief exec of Borro steps down

Secured lending specialist Borro has announced that founder and chief executive Paul Aitken (pictured) has left the firm.

Aitken founded the company in 2008 and led Borro through its early growth stages online, expansion into the American market and the launch of property lending in the UK.

Non-executive chairman John Allbrook will assume full executive responsibility for the company with immediate effect.

Allbrook previously worked at GE Capital and GoIndustry as well as serving as Executive Chairman at Syscap, which he led through its successful exit to the Wesleyan Assurance Society in 2015.

Aitken says: “Obviously this was a very tough decision for me but the time is right. Borro started at a time when there was no one doing this kind of lending and growing the business from a start up to the company it is today has been a terrific experience.

“The business has matured a lot over the years and John is the right person to lead it onto the next stage of its development.”

Allbrook says: “Paul has been an inspirational and visionary leader of Borro. It has been a pleasure working with him and everyone here wishes him well. He leaves the company well positioned for the future, which I am confident will be a bright one.”