For an exclusive tv interview with Knight, see Money Marketing TV tomorrow.
Knight will be executive chairman of Checkmate with Finegold taking an advisory role.
The company will be privately funded by both Knight and Finegold with additional capital being added where necessary from other private investors.
Under the Checkmate stable, Knight and Finegold will set up several new lenders, each focused on a particular distribution channel.
The first two lenders will launch in Q4 2008. Checkmate sys that growth will be organic, but acquisitions will also be considered.
Checkmate believe that recent market events have helped rather than hindered this opportunity. By Q4 2008, rates are expected to have peaked, the capital markets are expected to have settled down, more profitable margins restored and some over-capacity taken out.
Knight adds: “However bad the storm, the sun always shines again eventually.”
“This will be my third and final business launch, and I intend it to be the best. Checkmate will rip up the rule-book on product design, distribution management and point of sale technology. I intend to recruit a strong management team and equity will be available to the right people.”
Referring to the partnership with Finegold, Knight adds: “We have been close personal friends for many years. We trust and understand each other. That will hopefully make us a formidable combination.”