Bruce Nelson honoured with AFC Lifetime Achievement Award 2023

The 2023 Asset Finance Connect Lifetime Achievement Award was bestowed on the “godfather of the asset finance industry”, Bruce Nelson, who has shown undiminished passion for the sector whilst having an enormously positive impact in helping to reshape the asset finance industry.

On winning the prestigious award, Bruce said, “It’s a real honour and means such a lot to me, particularly as it has been awarded by my peers in the asset finance industry…. it was great to receive, and it’s has been a truly humbling experience.”

Recognising Bruce’s lifelong commitment and contribution to the industry, the AFC Lifetime Achievement Award 2023, sponsored by Alfa, honours a central figurehead in the asset finance industry for almost 50 years. Bruce remains actively working at Compass Business Finance, continues to be a pivotal part of the team and is highly respected by his colleagues, industry peers, and by family and friends.

Mike Randall, CEO of Simply commented, “Bruce Nelson thoroughly deserves this award. He is the voice of calm and common-sense in the industry and is held in very high esteem. He has had an untarnished reputation throughout all the decades and cycles, and also has a real passion for the industry and helping people.”

Bruce’s working career started with a vehicle contract hire company in the 1970s, arranging quotes for fleets. This was his first introduction to finance. He then ‘bumped’ into asset finance when he joined North West Securities, a finance division of the Bank of Scotland, before setting up his own business, Industrial and Commercial Finance (ICF) in the 1980s. The company was later merged with Industrial Equipment Finance (IEF), with Bruce as Managing Director.

IEF was highly respected and profitable, at which point it was sold to Hitachi Capital Business Finance, where Bruce became the Divisional Managing Director. A couple of years later, he joined Key Equipment Finance as its Regional Director for Northern Europe, heading up its business across six countries.

Bruce became one of the original founding shareholders of Compass Business Finance in 2005, supporting the business remotely in the early years before working formally from 2009. Whilst never directly running Compass, he provided in-depth knowledge and expertise of the market that supported his sons, Jamie and Mark Nelson, until he was bought out of the business in 2018.

Since then, Bruce has operated as a consultant, overseeing the credit and risk side of the business and acting as an informal non-executive director. He continues to be a hugely important part of the Compass team and is well respected by everyone.

Mark Nelson, Director of Compass Business Finance described his father as, “a tower of strength who has been described to me as the godfather of the asset finance industry. Bruce holds many roles across the industry, and is highly respected for his expertise and insights, which is still the reality today and is still going strong and contributing significantly today.”

Held in high esteem by all his peers and highly respected for his expertise and insights,
Bruce Nelson has had a huge influence on the industry and has held many industry-wide roles.

Bruce was described as “ahead of his time” in joining the Finance & Leasing Association when it was dominated by large organisations, but as a small independent he became one of the biggest voices in the room. Bruce would always steer the discussion into the direction of travel where common-sense prevails to make things happen.

Bruce has worked closely with several industry groups, including the FLA, the British Business Bank, WRAP, DEFRA and DECC, always working in the background to push the industry forward, and affect positive change.

During periods of company mergers and acquisitions involving Bruce’s workplaces over the years, he was a central figure who was able to figuratively put his arms around all that was taking place and those involved to bring out the best in the situation and people.

Steve Taplin, Managing Director of Lendscape describes Bruce Nelson always with “a positive outlook and always looking for ways in which he can improve the situation for the company, its shareholders and the wider industry”, making him “the keystone of a company’s culture”.

Looking back at 47 years in the industry, Bruce focuses on the main highlights in his career: “At the top of my list is the people… I’ve had the pleasure of working with some fantastic people over the years, many I consider friends, and I’d love to take this opportunity to say thank you to them (they know who they are).

“I’ve really enjoyed every stage of my career, creating, growing and leading businesses, particularly the opportunity over the past 18 years to work with and support my two sons in all that they’ve achieved, along with the great team at Compass. Being a part of the culture that they’ve created is one of the many reasons I still love being part of the industry, and will continue to do so!

“Finally, it’s been seeing the industry as a whole develop and change, over the past 47 years. The industry has become increasingly diverse, and we’ve all benefitted because of that.”

2023 awards bruce nelson speaking

Looking to the future of the asset finance industry, Bruce addressed the next generation of industry professionals during his acceptance speech at the Asset Finance Connect Summer Awards: “I think our industry is in really good shape, due to the wealth of young talent coming through, and to them I say, embrace the opportunity; your enthusiasm, energy, and effort will be rewarded, so aim high.”

Bruce firmly believes that the asset finance industry is full of opportunities for young professionals, across many disciplines: “it can be exciting, innovative and fast-paced in varying measures. Most importantly, it’s an industry that is vital to the growth and success of SMEs and the wider UK economy.”

“At Compass, we have some incredible young people who are really helping to drive our business forward. We actively recruit young people into roles across our business and their contributions are vital, they bring a unique perspective, along with their energy, enthusiasm and often great tenacity.”

Bruce’s words of wisdom to new talent entering the asset finance industry are: “Aim high, be flexible and embrace the industry and all the people who work within it, listen to the people around you, create strong networks and garner all the information you can. Most of all, be yourself and enjoy the industry, you bring a unique contribution to our industry, you’re never too young to help drive change!”

And Bruce doesn’t plan to end his involvement within the asset finance industry any time soon: “Looking ahead, I plan to continue working with Compass, in the credit and risk assessment role, as well as continuing to support the wider team. I’m truly enjoying the direction the business is travelling, and being part of it.”

2023 awards bruce nelson