Close Brothers Business Finance worked with UK Asset Solutions to help their customer raise capital by consolidating multiple outstanding agreements into one monthly payment. This saved the customer a significant amount each month and allowed them to drive their business forward.
UK Asset Solutions are an independent Asset Finance broker with over 80 years of experience. They offer a wide range of business funding facilities, including Hire Purchase, Leasing, Operating Leases and Commercial Mortgages. UK Asset Solutions were approached by a customer who needed help raising capital.
The customer was an established Haulage company that had eight different tractor units on finance via six different lenders, totalling in the region of £19,000 per month. With multiple different payment days and such a large monthly outlay, the customer had no confidence in their current cash flow. Because of this and the rise in fuel prices, the customer was unable to commit to any additional work.
The broker, UK Asset Solutions, arranged for the customer to meet with Close Brothers Business Finance to see if a suitable package could be put in place to support the needs of the business.
Close Brothers Business Finance worked thoroughly with UK Asset Solutions and were able to settle eight outstanding agreements that the customer had with multiple lenders. Close Brothers Business Finance refinanced the assets under one agreement which meant reducing their payment to £7,451.54 per month – a huge monthly saving of £11,793.54. By consolidating all their agreements, the customer now has only one direct debit for all their tractor units, as opposed to six different payments over different days of the month.
Close Brothers Business Finance were also able to raise £79k extra capital, by releasing some of the value of their assets, which has been used to ease the business cash flow.
As a result of working with Close Brothers Business Finance, UK Asset Solutions customers outgoings are far more comfortable with a new affordable monthly payment, saving a massive £141,522.84 per annum!
The customer had also been offered some very profitable HS2 work for the next 5-8 years. UK Asset Solutions and Close Brothers Business Finance have been able to offer comfort to the customer which will enable them to commit and continue to drive the business forward.
This case is a perfect example of how Close Brothers Business Finance can work with brokers to provide their customers with straightforward finance solutions.
UK Asset Solutions Ltd said “It was a pleasure to work alongside Close Brothers Business Finance and help tie our customers' lending together in a much more affordable agreement which has reduced their monthly payment significantly and given them the confidence to drive their business forward”