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0161 518 6550
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9:00am - 5:00pm Monday to Friday
(excluding UK bank holidays)
Close Brothers Business Finance
Helping your businesses not just survive, but thrive
NOTICE: Due to the coronavirus and the effect this is having on businesses, we cannot guarantee that post is arriving and being picked up at our offices within previous timescales. We recommend that if you require a timely response that you also contact us via our enquiry form (below) or call us directly.
If you are having difficulties making payments or have a query please call a member of our team directly.
Established in 1987, Close Brothers Business Finance is a market leading asset finance provider, working with business finance brokers to provide tailor-made solutions to UK SMEs across a variety of industry sectors.
We provide funding for sole traders, partnerships, and limited companies, typically for assets such as vehicles (including executive cars, coaches, taxis, trailers, and HGVs), agricultural equipment, contractors’ plant (including excavators, dump trucks and crushers), precision engineering and woodworking equipment, forklift trucks and printing equipment.
We also provide funding for mission critical ‘soft assets’ such as shop fittings, beauty equipment and catering equipment, which is a unique offering in the marketplace.
Come and meet us
We are looking forward to exhibiting at the NACFB Commercial Finance Expo (CFE) 2021. 2019's event was a great success, and we enjoyed meeting so many people from the industry.
This is the only UK show dedicated to the business finance community, helping to build strong relationships between lenders and Brokers and is a key networking event in our calendar.
Find out more here www.commercialfinanceexpo.co.uk or get in touch today.
Event details
30 September 2021 - The NEC, Birmingham
Latest news
Our people
Our focus on asset finance for SMEs stems from our belief that they are the engine that drives the UK economy.
As you would expect, our people are experts in asset finance and you can reply on them to be consistent and proactive point of contact, on hand throughout the life of the deal and beyond.
Our products
Our in-depth knowledge of the industries we work in ensures we see the big picture. This means that if you're seeking asset finance to support your customer's new product development or diversification, we will be able to help you explore your vision within the context of the wider market, helping businesses to thrive in the long term.
Our straightforward financial products are designed to promote business investment and growth. We don't provide standard packages, but create tailor-made, flexible repayment schedules.
Our principles
We base our lending decisions on the overall health and plans of the business - not just a credit rating. We're careful lenders too; a decision that fails to take account of risk factors and wider market forces is not in anyone's interest.
Our underwriting team are very efficient at writing agreements for a full range of hard asset and business critical soft assets. In some cases, if an asset or industry is a little bit out of the norm, we have a dedicated team of Broker Development Managers who spend time with the broker and their customer to ensure that the information we need is available and we are able to effectively offer options that are right for all parties.
Our service
We understand how important it is to receive good service and this is something that is embedded into our everyday values as a business. We regularly benchmark our service to ensure we are maintaining the delivery levels our brokers and their customers have come to expect.
Almost 50% of the deals we receive are paid out on that very same day, this ensures our brokers and their customers can make quick decisions to support their businesses.
Industry specialists
Our broker relationships and their customers are at the heart of what we do, but our lending decisions are underpinned by our industry expertise, which covers:
- Waste and recycling
- Soft assets inc; beauty, catering, gymnasiums, etc
Our finance products
Spread the cost over time!
Hire Purchase enables businesses to acquire an asset while paying for it in instalments over an agreed timescale – the term. At the end of the term, they have the option to purchase the asset outright.
It lets businesses spread the cost of your investment over the life of the asset, making it easier to budget. Hire Purchase is particularly suitable for acquiring vehicles, machinery, construction and commercial equipment with a resell value.
Benefits of Hire Purchase
- More time to repay - Spread the cost over the life of the asset
- Seasonality - We can structure repayments to take account of seasonal fluctuations in cash flow
- Keep control - The business is the owner of the asset for tax purposes and can normally claim capital allowances
- Tax efficient - The business can offset your hire purchase interest and charges against pre-tax profits
- Reclaim VAT
When a business needs a cash injection
Refinancing (Capital Release) is a quick way to access the cash from a businesses assets on their existing balance sheet and use that value elsewhere within their business – for example, to fund a deposit on new equipment or ease cash flow.
Sale and HP Back is a form of refinance that can be used against most types of equipment, making it suitable for companies of all sizes, including sole traders. It works by us purchasing the asset and financing it back to the business. Repayments are calculated in line with the income stream that will be generated by the asset and at the end of the refinance term, they own the asset.
This option applies whether they already own the asset or are using it under a finance deal with another provider.
Benefits of Refinance / Capital Release
- Efficiency - Uninterrupted use of the asset
- Spread the cost further - We can take over the finance agreement they have with another provider and extend the term
- Choice - Give the business a cash injection or use the money to buy other assets that may not be accessible through hire purchase or leasing agreements
- Make fast decisions - Releasing capital can help the business make faster decisions when negotiating business contracts
User benefits without the ties of ownership
Our Finance Lease arrangements let a business use the equipment they need without having to buy it outright.
They pay us rent for the full use of it. The rental period is flexible and can be tailored to their needs and cash flow. During this period, they will pay us the full cost of the asset, including interest. Then, when you reach the end of the primary lease term they can choose to:
- Continue to use the asset by entering a secondary rental period
- Sell the asset and keep a portion of the income from the sale
- Return it to us
Benefits of Finance Lease
- Efficiency - Uninterrupted use of the asset
- Spread the cost further - We can take over the finance agreement they have with another provider and extend the term
- Choice - Give your business a cash injection or use the money to buy other assets that may not be accessible through hire purchase or leasing agreements
Keep all options open
Similar to a Finance Lease, an Operating Lease allows a business to rent the asset from us while they need it. The key difference between the two is that an Operating Lease is only for part of the asset’s useful life. This means they pay a reduced rental because the cost is based on the difference between the asset’s original purchase price and its residual value at the end of the agreement.
The business get full use of the asset for as long as they need it, without the burden of responsibility of disposing of it or recouping its residual value.
Benefits of Operating Lease
- Low initial outlay - Quick access to the asset they need without a heavy upfront investment
- Freedom - Full use of the asset without having to buy it outright
- Flexibility - Option to re-rent, purchase or return the asset at the end of the term
- Pay less - Rental cost is reduced as it is based on a percentage of the original capital cost
- Off balance sheet funding
- Reduce costs - Reclaim VAT on rentals
Contact us
A national network of support
As a member of our Broker network you will have a dedicated team on hand to help you serve your customers’ needs.
The SME Finance Charter
We'll help you prepare for Brexit and beyond
Our purpose is to help the people and businesses of Britain thrive over the long term. We work with a wide variety of businesses of many sizes to help support their growth, improve their infrastructure or invest in new assets, and have a deep understanding of our customers’ needs and the markets they operate in. Our relationship managers are always there to discuss any concerns or requirements you may have, and to help make sure you have access to the finance you need when it matters the most.
We're open for business and ready to lend
Our prudent model, based on a strong financial position and balance sheet, has allowed us to continue to lend and support our customers in a wide range of market conditions over the last 30 years. Many of our businesses lend principally to SMEs, both through our direct sales force and via broker distribution channels. This includes our Asset Finance business, which provides commercial asset financing, hire purchase and leasing solutions for a diverse range of assets and sectors, and our Invoice and Speciality Finance business that works with over 2,000 small businesses providing debt factoring, invoice discounting and asset-based lending. We are confident that this model will serve us well in this period of heightened uncertainty and stand ready to continue supporting our customers over the long term, whatever Brexit brings.
We'll support your application and signpost other options if needed
We pride ourselves on understanding the needs of SMEs and on helping them to achieve their ambitions. Our specialist expertise and deep industry knowledge allow us to support our customers’ unique commercial ambitions, and by better understanding businesses and their communities our local teams can make fast, reliable lending decisions when they need them the most.
We'll treat you fairly at all times
Our code of conduct and key customer principles ensure that we seek the right outcomes for our customers, always endeavour to ensure our pricing is fair and appropriate, and are clear and consistent in the way we communicate. Taking the time to understand and build strong long-term relationships with our customers is part of our culture, and we care strongly about delivering excellent service and thinking that is both entrepreneurial and disciplined, and always acting with integrity.
We will work with the Government-owned British Business Bank to support SMEs
We remain committed to our ongoing positive dialogue with the British Business Bank, and are dedicated to identifying solutions for SMEs aligned with the goals of the British Business Bank programmes.