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Lindsay Finance - Regional Growth Fund and Hire Purchase

Since the company’s inception in 2004, Lindsay Finance has grown into one of the leading financial companies in the United Kingdom and to date has funded over £100 million to businesses across the UK.

They provide specialist funding for all types of business and recommend beneficial solutions to support individual business requirements.

A customer of Lindsay Finance supplies a large selection of operated plant to the construction industry in parts of North East England and Scottish Borders. They also undertake civil engineering works which include demolition and excavation work. Most notably, the company carries out excavation work at a local quarry.

Continued business growth

Recently, additional areas of the quarry have been opened and so the client was hoping to invest in a Sandvik QA451 Triple Deck Screen to enable further excavation work. This machinery would be an addition to the customer’s current fleet and would provide massive stockpiling capabilities whilst assisting demand. This product is mainly used for road building and resurfacing, e.g. the A1 expansion and works.

With the increased screening that the new machine will provide it will also increase the client’s bottom line profit. Stuart Lindsay, Managing Director of Lindsay Finance arranged for the customer to meet with Mark Sanderson, Broker Development Manager from Close Brothers Business Finance, to see if a suitable financial package could be put in place to support the purchase of the much needed equipment. Having assessed the customer’s requirements and reviewing the business credentials, Mark noticed that they would be eligible for Regional Growth Fund (RGF) assistance and that it would have a genuine impact on the payments and allow for business growth with the purchase of the new machine.

Regional Growth Fund assistance

Although the customer had funds to raise a small deposit, pay the VAT on the equipment and hire additional staff, without RGF assistance, they would have been unable to obtain an acceptable loan to accept this deal. The jobs created with the support of RGF will grow the workforce and allow the company to expand further.

The additional £20,000 deposit from the RGF has lowered rental costs by £500 which assists the cash flow of the business and also supports the integration of the additional employees.

Stuart Lindsay commented: “The support our client has received from Close Brothers has helped to develop a ‘good news story’ and enhanced their already successful business with the new machinery addition to their fleet. We have a strong relationship with our customer who has returned to us on a number of occasions for financial assistance and with the patronage of Mark and the team, we’re pleased that we could all work together on a solution to ensure our customer can progress their business”.