Tom Atkinson is to quit as managing director of CashFriday, the outsourced payroll company which specialises in recruitment.

The firm’s owner, Lloyds TSB, is also set to rebrand all its other recruitment payroll services under the CashFriday banner.

Paul Saunders, client director of commercial finance at the factoring firm Alex Lawrie, is set to take control of the new-look firm, which will incorporate all of the bank’s invoicing, factoring and hire purchasing in the sector.

Atkinson said he was leaving to pursue his own business interests and was considering other posts in recruitment finance.

He explained: “There are some wonderful opportunities in the recruitment sector. Funded payroll for the legal sector is something I will be looking at.”