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Azule Finance Hire Purchase

 

Introduction

Established over ten years ago, Azule Finance provides specialist funding and leasing services to individuals and businesses working in broadcasting and media.

A long time customer of Azule founded over ten years ago, provide professional camera and studio hire facilities in the UK.

Much needed equipment

Azule’s customer had taken on new sales staff and they were increasing business levels significantly. This, in turn, resulted in more of their hire stock being rented out. Therefore the customer wanted to purchase more equipment available for loan, without considerably increasing monthly outgoings.

Capital released for asset purchases

Rebecca Price at Azule Finance introduced her client to Chris Harris, Senior Broker Development Manager at Close Brothers Business Finance. Rebecca had identified that the customer had a large number of existing Hire Purchase agreements in place and suggested that the customer should consider consolidating a number of these. Chris determined that the customer’s assets had a good level of equity and was able to put a bespoke financial package in place. Not only was Chris able to reduce and consolidate Azule’s clients Hire Purchase outgoings but he was also able to release capital for other asset purchases.

Cost savings

The outcome of the financial package meant that monthly Hire Purchase outgoings were reduced from £30,000 per month to £18,000 per month. Due to consolidation and lengthening of the Hire Purchase term, the customer would make a massive cost saving of £144,000 per year. This freed up cash flow to enable the customer to finance more new assets for hire. A further £50,000 was released from the refinance of assets already owned for the customer to use for working capital.

Rebecca Price from Azule Finance said: “The financial support our client received from Chris, has allowed them to continue to grow and develop their business. They would not have been able to take the much needed next steps if the tailored finance package hadn’t been arranged. It is great to see how much our client’s outgoings have reduced and the cash released from the refinance of assets. The assistance and speed of service provided to our client by the team at Close Brothers has lead to the best possible outcome”