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Vehicle & Asset Finance Ltd - Regional Growth Fund

A customer of Vehicle & Asset Finance Ltd is a construction and civil engineering business based in the South of England. The business has been established for 5 years and their main work scope is for local councils and colleges, undertaking maintenance of roads, sewers, cycle pathways etc.

The business currently removes concrete and rubble that they dig from site and have to pay to dispose of it. They then purchase hardcore to take back to the same site for rebuilding work.

New equipment means cost effectiveness

To reduce this process and make it more cost effective, the business was looking to purchase a crusher and screener to process the waste material at their premises. This would turn the concrete and rubble into a hardcore product that could be used on site.

The company Directors approached Paul Cooper at Vehicle & Asset Finance Ltd, who advised them to meet with Broker Development Manager Carole Luck at Close Brothers Business Finance, to discuss available finance options.

Six additional members of staff 

Following an initial meeting with the Directors to discuss their business needs, Carole at Close Brothers put together an application for a grant from the Regional Growth Fund (RGF). The application was successful and with the grant, the business was able to purchase the needed crusher and screener. They were also able to purchase an excavator and a loading shovel which would help further in the work process.

Further to this, the company managed to employ six additional members of staff through the RGF investment.

“A positive outcome”

With the funding in place, the business was able to save on waste disposal costs and also charge for the hardcore that they produced on site from recycling and processing the rubble and waste. They have also grown their business and employed an additional six members of staff. With the support of Vehicle & Asset Finance and Close Brothers, the RGF funding has helped the business to achieve their goals and lower expenditure.

Paul Cooper at Vehicle & Asset Finance Ltd said: “This is a great example of helping SME’s achieve their corporate objectives by adding real value to the customer relationship and making a positive contribution to their business strategy.

"The customer was naturally delighted by the outcome. By being awarded a sizeable grant which reduced the overall capital cost of their investment has not only helped their company but also galvanized our ongoing relationship.

"The Directors have fully acknowledged how efficiently the process was administered and just how supportive Close Brothers have shown themselves to be as a preferred funding partner.

"I extend my thanks to all those concerned in making this a simple process and achieving such a positive outcome which can only bode well for future business opportunities.”