Pluto Finance's Phil Hooper will become the new chief executive of Close Brothers' Property Finance business, as Frank Pennal announces his retirement.Pennal, who has been at the helm of the lender for almost two decades, will step down in January 2024. He joined the business as a director in 1997, and was promoted to chief executive in 2005. The group's property business, which also includes Commercial Acceptances and Close Brothers Bridging Finance, was a team of five with a loan book of £40m when Pennal joined.

It has since grown to more than 100 employees, is currently funding 7,100 new homes and has a UK-wide loan book of £1.7bn as at 31 July. Prior to that he spent 36 years at NatWest, holding a number of senior positions, including head of real estate finance, managing the bank?s £30bn UK real estate loan book. He has been working with Close Brothers since September to ensure a smooth handover, and will be supported in the role by Close Brothers Property Finance managing director Rowland Thomas.