Venture Finance PLC today announces the planned retirement of Managing Director Tony Cox in the first half of 2008. To ensure a smooth and orderly transition, Tony has been appointed CEO with immediate effect and Peter Ewen, previously an Executive Director of the business, is appointed Managing Director of the Group.

Tony and Peter will continue to work closely together and Peter will take responsibility for day-to-day operations of the Venture Group. With the future ownership of ABN AMRO being decided in the coming days and weeks, Tony's role as CEO will ensure Venture is fully represented through a period of inevitable change.

Tony, 62, is considered one of the primary architects of the invoice finance industry in the UK. He entered the factoring industry in 1977 with International Factors Ltd and founded Venture Finance PLC in 1989. He sold the business to ABN AMRO in 1992, but remained Managing Director throughout. During his stewardship the business has grown from just three staff to almost 250.

The group now handles over £3.5 billion of client invoices each year and recorded record pre-tax profits of £14.0 million in 2006, an increase of 23 per cent on the previous year. Discussing his retirement plans, Tony comments: “After nearly 19 years at the head of the Venture family table, I have taken the very personal decision to retire soon. After 46 years of hard work, the phrase ‘time and tide waits for no-one’ rings true and I feel it is now right to spend more time with my other 'family'.”

“Venture’s record is one of great achievement in a quickly changing environment, a record of which I am immensely proud. By announcing my retirement in advance we can ensure a smooth and orderly transition.”

Peter Ewen, previously Executive Director Invoice Finance South, now steps up to Managing Director. Joining Venture in 1990, he has extensive experience in Operations, Risk and Sales. The Invoice Finance South division will continue to report to Peter until a replacement is appointed.

Peter comments: “It is an honour to be able to continue Tony’s great work. My appointment provides continuity at an exciting time for Venture and, as one of the very first members of Venture back in 1990, I have a deep understanding of our Company’s ethos and will continue building on those unique strengths.”

“By taking these steps now, we reaffirm both internally and to the market that it is very much business as usual at Venture. Our strategic aims remain, and we plan to retain our position as a premier independent player in the UK market.”