Independent lender MotoNovo has relocated to a new office in central Cardiff in order to accommodate expansion plans.

These plans will see the lender more than double its current headcount over the next five years by recruiting over 580 new employees.

The move comes on the back of a successful 2015, during which the lender’s new business grew 43%, year-on-year.

As part of the expansion plan, MotoNovo has moved from its current office in the Llanishen district to the Central Cardiff Enterprise Zone.

Mark Standish, chief executive officer at MotoNovo Finance, said: "Our roots are strongly in Cardiff, having been launched here as Carlyle Finance in the 1970s. Over recent years, we have demonstrated sustained growth, both in volumes and in reputation, not least of all as a high calibre employer having been recognised as one of the UK’s Best Companies to Work For."

MotoNovo were one of a number of firms to be recognised in the Times Best Companies to Work for List in 2016.

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Standish added: "Our greatest strength is the people who make up ‘Team MotoNovo’ and having led the business for 16 years, I couldn’t be prouder than to be announcing our growth and investment plans, recognising the extensive help and support we have received from the Welsh Government in developing our plans."