Ross Hyde
Categories:
Hire Purchase, Construction, Business Growth, Scaffolding Equipment finance
| Industry area | Loan details | Turnaround |
| Construction / Scaffolding | £160,000 – 3 to 5 years | 1 week |
Situation
My client is a scaffolding company based in Taunton. Their foundations built on residential scaffolding, working with solar panel installers and homeowners.
A new opportunity came up to move into housebuilding projects. This is set to bring in a lot more turnover for the business.
To take on this work, they needed £160,000 for new equipment. They also needed a finance deal that wouldn’t put pressure on their cashflow.
They had already spoken to another broker, who offered a mix of asset finance and a separate loan. My client wanted something simpler, so they came to Shore Asset Finance to find the right solution.
Strategy
We took time to understand the company’s past performance and its future plans. Then we took a proposal to our specialist scaffolding lenders.
We arranged the equipment on a Hire Purchase agreement. Payments are fixed, over a term of three to five years. This means the business always know what they’ll pay each month, even as they take on new work.
The length of the finance meets the expected timescales for the project, ensuring income is always available to pay the finance agreement.
Solution
We secured the full £160,000 needed. This meant they could get the new equipment on site fast, without holding up the project. As part of our customer-first approach, we met the customer on site to speed up the paperwork process and avoid any payment delays.
At the end of the term, they will own the equipment outright. And we agreed competitive interest rates for all finance agreements arranged.
The equipment was delivered by our trusted supplier and went straight to work on site. Our client was delighted with the service, and the client are keen to keep working with Shore Asset Finance as they grow, safe in the knowledge that asset finance can continue growing their business.
Ross Hyde said:
“A great opportunity to work with a growing scaffolding company to service new workload. This injection of equipment will see them into their next stage of growth and we are excited to hear what is next and look forward to working together in the future.”
