Bluestone celebrates 20 years of independent ownership

Wakefield-based finance broker Bluestone is celebrating 20 years since its management buy-out/buy-in, marking two decades of growth that has seen its annual finance volumes increase from £10m to more than £130m.

Formerly known as Wyse Leasing (North), the business became Bluestone Leasing following its acquisition by Phillip Bennett, Vineesh Madaan and Jonathan Bourne in 2006.

Since then, the independently owned asset finance intermediary has expanded from its original focus on IT finance into a broader range of funding solutions, including asset, cashflow and property finance.

Over the past two decades, Bluestone has continued to develop its funder relationships, broaden the range of assets it finances and build expertise in structuring more complex funding transactions for businesses across the UK.

Two decades of growth and innovation

In January 2024, Bluestone Leasing rebranded as Bluestone, introducing a new identity, website and online finance platform to reflect its expanding services and ambitions.

Technology has become an increasingly important part of the company’s proposition, with an internally developed customer relationship management system and an online platform that connects to multiple funders through APIs.

The technology enables customers to obtain finance quotations and complete applications within minutes, supporting a more streamlined funding process.

“Businesses, particularly small and medium sized enterprises, are the foundations on which an economy and a country are built. I am so proud to have spent 20 years of my career working with a wonderful team of people who are dedicated to helping such businesses achieve their goals and dreams.

“We don’t often reflect on the successes we have had, but they have been many, varied and impressive.”

Bennett also highlighted the importance of the company’s longstanding team and its commitment to remaining independent.

“The last 20 years have thrown plenty of challenges our way and I am sure the next 20 years will also have their share of surprises for us too. I am however confident that the future will be bright and I am genuinely excited to see where such a talented and dedicated team can take us.”

Maintaining independence and looking ahead

“Twenty years ago, Phillip, Jonathan and I took a leap of faith and bought the business from its previous owners. Like any business journey, it hasn’t always been straightforward. We’ve faced challenges none of us could have anticipated, but we’ve faced them together, and I think that has made the business stronger.”

Madaan, who is also approaching his 30th anniversary with the company, said the development of its people had been as important as its commercial success.

“Businesses are ultimately about people, and ours have made the business what it is today.”

Jonathan Bourne, Non-Executive Director at Bluestone, highlighted the resilience of the business through periods of economic uncertainty, including the 2008 financial crisis.

“Twenty years ago, Phillip, Vineesh and I bought a business with huge potential. We weathered the 2008 financial crisis and many smaller storms since, and it has been a source of huge pride to see the company, and our colleagues thrive and make a difference to many thousands of growing businesses across the country.”

“Maintaining Bluestone’s independence, values and entrepreneurial spirit while continuing to evolve is a fantastic achievement. I’m proud to be part of the business and looking forward to the opportunities ahead.”

Bluestone said it remains committed to independent ownership, continuing to invest in its technology, people and funding capabilities to support UK businesses through the next stage of its development.