Michael Bolton is eyeing lending opportunities with his new firm following his departure from due diligence firm Clayton Euro Risk.
Bolton, once the chief executive of defunct sub-prime lender Edeus, spent six years at Clayton before resigning in September. He agreed to remain with the firm until December but has been helping as an adviser until early last week as Clayton waited for new chief executive Tony Ward to arrive.
He now says he is looking at lending opportunities, including the peer-to-peer market, while he continues to advise banks on mergers and acquisitions.
Speaking exclusively to Mortgage Strategy, Bolton says: “I am setting up a new business with some associates, whose names will remain anonymous for the moment. We are looking at a bunch of stuff, like peer-to-peer lending – and not just in the UK. In fact, the P2P lending we are looking at doing is in other European countries, although we will see about the UK.”
Bolton also says he is talking to US private equity firms about entering the UK mortgage market.
He adds: “US private equity is looking at the UK market again. I am not saying I am back into lending in the UK but I am helping and advising.
“Of course, I have an interest. Am I going to be hands-on? No. I am more likely to be on the board in some capacity, providing oversight or the profile that an entity like this requires. I will not be the CEO of a lender tomorrow – but stranger things have happened.”
Bolton was appointed co-chief executive of Clayton in May 2013, having joined as a consultant in 2009 and then become sales director in January 2010. He spent five years as HBOS head of specialist lending until he left to set up Edeus in 2006.
He took redundancy in 2008 when Edeus went into administration and set up equity release support services firm Charterhouse Retirement Solutions in 2009 with former Edeus director of packaging Terry Pritchard.