Supporting a growing business
The Westwon team have extensive knowledge and experience in leasing and asset finance, with more than 40 years' experience as a business and 120 years' collective experience from its senior team.
About the customer
Westwon’s customer is a materials testing firm based in the South East. The company tests newly manufactured materials developed across a range of industry sectors.
Westwon’s client has steadily expanded over the past 12 months and recently secured a significant new contract with a blue chip manufacturing client. Completion of this project would further increase business over the next few years, expanding its test capabilities and advancing its reputation in the market.
With the new major contract in place, Westwon’s client was looking to invest in new equipment to support the contract and to further develop research capabilities.
New contract, more development
With their client’s needs in mind Westwon’s Operations Manager Carol McNamara contacted Broker Development Manager Michael Tyler, having previously building a good working relationship with Close Brothers Business Finance.
Michael met with Carol to talk through the finance options available and the benefits of each, outlining the best fit for the client’s current position and future growth plans.
Michael advised the best finance solution to fund the clients' new equipment to be a Finance Lease, which has a low initial outlay and is tax efficient.
Once the Finance Lease was agreed upon by Westwon's client, Michael Tyler and the team at Close Brothers Business Finance were able to process the deal with a quick turnaround. The agreement was structured over a fixed term of 24 months, tailoring repayments to match the duration of the contract, and the funds were released efficiently enabling Westwon’s client to successfully purchase the new testing equipment they needed to service the new contract.
Since this equipment has been in place, the company has been competing for further large contracts to continue to build on this recent success.
Carol McNamara, Operations Manager at Westwon, said: “Close Brothers Business Finance have a great partnership with us and together we have been able to find a finance solution for our client’s business to promote future growth”.