City businessman set for top new job

THE Coventry businessman who has led attempts to buy the Sky Blues from Sisu and was headhunted to stabilise Northern Rock has been tipped to take up a major new role in the banking world.

Reports on Sky News say Gary Hoffman is poised to be appointed as the non-executive chairman of Monzo.

Monzo is a fast-growing digital platform which is challenging established banks.

Mr Hoffman has previously held senior positions at Barclays and Barclaycard and last year became chair of Hastings Insurance and Coventry Building Society.

He was born in Coventry and has always retained strong links to the city.

A former vice-chairman of Coventry City FC, he also led a consortium of businessmen which has attempted to take over the Sky Blues four times.

Speaking to the Telegraph in November 2017 - after the last bid to buy the club from owners Sisu failed - Mr Hoffman indicated he had no intention of giving up his quest, though there have been no further takeover updates since then.

He said: “The consortium remains clear in its objectives to buy Coventry City and give our club a long term, stable home in the city of Coventry.

“I hope we will be successful but can’t make any promises. If and when there is something to be said about progress (or a lack of it) I will say something.” Mr Hoffman is widely regarded as one of the country’s most senior financial executives, who was brought in by the Government to oversee the transformation of Northern Rock after its nationalisation in 2008.

After leaving Northern Rock, he had a stint at the helm of NBNK Investments, a vehicle set up to acquire bank assets from lenders rescued by UK taxpayers.

NBNK was close to acquiring hundreds of branches from Lloyds Banking Group but lost out to the Co-op Group, which was ultimately forced to abandon the deal as it too teetered on the brink of collapse.

In 2012 Mr Hoffman became chief executive of Hastings Insurance, steering it through its public listing before stepping up to become executive chairman.

Several months ago Monzo was valued at more than £1billion.

The company was founded just under four years ago by Tom Blomfield, a former management consultant, and gained its full banking licence in April 2017.

It now boasts more than a million current account users.

Monzo has said around 100,000 people are signing up as customers every month.

It has also announced its intention to diversify into business banking.