A new lender has launched in the Isle of Man after receiving regulatory approval to operate on the island.

Reto Finance has opened its Isle of Man operation under the leadership of former Black Horse Offshore general manager Ronnie Herbert.

The company says it specialises in a range of lending products including personal loans, motor finance and commercial finance.

Mr Herbert said the launch would provide greater choice for customers in the island’s lending market following the closure of Black Horse Offshore last year.

Black Horse Offshore was part of Lloyds Bank Corporate Markets plc, a subsidiary of the Lloyds Banking Group.

A notice on the Black Horse Offshore website said the company had taken the decision not to offer new loans or additional borrowing on existing loans from November 13, 2025.

Speaking about his new role as Island Head, Mr Herbert said: ‘I am delighted to be joining Reto Finance at such an exciting time and very pleased that the company has chosen to establish a presence in the Isle of Man.

‘This move brings Isle of Man customers greater choice across both the personal and motor finance markets, particularly following the closure of Black Horse Offshore last year.’

Mr Herbert also confirmed the appointment of two new employees - both former members of staff at Black Horse Offshore.

He said: ‘I am confident that, with the additional recruitment of Alison Bell and James Lowey, both of whom I have had the pleasure of working with previously, we will deliver a high-quality, customer-focused service, with prompt decision-making and without customers having to wait days or weeks for appointments or loan approvals.’

Reto Finance has operated in the Channel Islands since 2016 and said establishing a presence in the Isle of Man had formed part of its longer-term expansion plans.

In a post online, Mr Herbert added: ‘Reto is an established Channel Islands finance company and, as part of its long-term growth strategy, has chosen to establish a presence in the Isle of Man, a move that’s great news for the island.

‘Following the closure of Black Horse Offshore, a clear gap has emerged in the lending market.

‘I’m excited to have the opportunity to help fill that space, and I believe Reto will bring customers greater choice and flexibility across the islands Consumer and Commercial Lending sectors.

‘Starting from scratch, with no existing customer base, will undoubtedly be a challenge but it’s one I’m genuinely looking forward to.’

Reto Finance’s Commercial Director Robbie Lander described the move as ‘a natural next step’ for the business.

He said: ‘We are an established business which has always focused on community and Island life, and we are thrilled to have Ronnie and the team onboard to support us as we establish ourselves amongst the local market.

‘We pride ourselves on speed of delivery, excellent customer service and the ability to be flexible and provide tailored financial solutions to both personal and commercial customers across the Isle of Man.

‘I’m genuinely excited to get started and support Isle of Man residents with their finance requirements.’