Hire Purchase product helps business progression
Part of the AGF (Agricultural & Groundscare Finance) Group, PJ Financial Solutions (PJFS) is an independent credit broker based in North Herefordshire. Specialising in agricultural, construction, business and country related business; it offers clients various finance options through tailored packages to suit individual requirements.
This particular client is an established agricultural business hiring out John Deere tractors on a wide variety of contracting operations. In addition to the tractor hire, they also provide agricultural machinery and services including silage, slurry, harvesting and hedge cutting. They have recently secured a number of contracts following a strong winter.
New assets for increasing supply and demand
The client was already an existing customer of Close Brothers Business Finance, so it was the natural solution for Philip Jones, Broker at PJ FS, to set up a meeting with Michael Tyler, Broker Development Manager at Close Brothers to discuss the client’s new financial requirements.
New innovative equipment (John Deere tractors, front mowers, single rear mounted mowers, umbilical slurry and Hi Spec tankers) was required to replace current equipment and help cope with increasing supply and demand. The new equipment would maintain contracts and service additional contracts from an increased work rate.
Future growth plans to be implemented
Reviewing the customer’s requirements, Michael found that the assets needed would be income generating and the business was managed responsibly. With this in mind, he advised that a Hire Purchase product would be the best solution as the assets would belong to the customer at the end of the 60 month term.
Philip Jones commented: “As our customer is an established agricultural contractor and already known to Close Brothers, we knew that they would understand the new requirements. Thanks to Michael and the team, our client can now concentrate on future growth plans with family members now coming into the business and secure new contracts whilst maintaining existing ones.”