Karl Werner and Mark Standish have been promoted at MotoNovo following a leadership restructure.

Motonovo said the restructuring will enable it to grow the business to 1000 people and move into different financial markets.

Standish has appointed group chief executive officer, while Werner has been named divisional motor chief executive officer for the lender.

According to a statement from the company, motor will remain a core part of the wider business. In order to deliver on these plans, the new divisional structure will have a sales and marketing focus.

Chris Rowthorn has been named divisional chief operating officer.

Werner said: "I’m delighted by the team we have in Motor and the opportunity to take it to the next level. I already know there are exciting times ahead. We can already see that our new approach is making a measurable improvement in finance performance at dealer level. Now, we are ready to do even more with even more dealers."