Independent lender Moneybarn has named Shamus Hodgson as its new managing director.

He has replaced Peter Minter, who has become non-executive chairman of the company.

Hodgson has worked at Moneybarn for eight years, joining when it was known as Duncton. From 2014, he has been the commercial director.

At the time of writing, Moneybarn had not announced Hodgson’s replacement as commercial director.

Minter has worked at Moneybarn for 14 years, taking it from a business employing fewer than 10 people with 750 customers to its current headcount of over 200.

Speaking to Motor Finance, Minter described the move as the best outcome for everyone involved. He said: “It'll be very much business as usual. Shamus is responsible for a lot of what happens in the business already, so it'll be very much more of the same, carrying on in the same style we have in the past. I'll be able to provide guidance and ideas when needed, but allowing Shamus to get on and run the show.”

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He added: “It's not going to be a revolution or anything like that. There is definitely an evolutionary feel to this. He will have his own ideas, which is as it should be, and bring something fresh to the business. He's very much in touch with what the drivers of the business are, and what makes Moneybarn such a success.”

Peter Cook, chief executive of Moneybarn’s parent company Provident Financial Group, was non-executive chairman of the Moneybarn board, however he has stepped down from this role following the reshuffle to become a non-executive director.

Minter concluded: “After a thoroughly enjoyable time as managing director, I am delighted to move onto my new role as non-executive chairman. I am equally delighted that Shamus Hodgson will step into the role of managing director and I am confident that his experience of the business and the industry will continue to drive Moneybarn forward.”