GMAC confirmed this week that Searle would be leaving the lender but would not comment on where his next role will be. However, several sources in the market believe Searle will be joining Knight in establishing his new venture.
It is widely known in the market that Knight will be looking at launching a new lender once his six-month transition period to new chief executive Simon Knight comes to an end this month.
Knight told Money Marketing in an interview in June that come September “I’m going to start thinking seriously about what my opportunities might be. I think that will be in lending.”
He said: “Now I go on to my next venture, whatever that may be, in the most fiercly over-supplied market that I have ever known so the biggest single change is from under-supply to over-supply and with lenders falling over themselves to offer cheaper rates to customers.”
He added that although he was comfortably off after selling his business a few years ago and that he could choose to retire, he fancies one last go.
Knight is expected to announce further details of his new venture once his contract with GMAC comes to an end.