Here's how Close Brothers Asset Finance supported one of the largest private sector training organisations in the industry, with a tailor-made asset finance solution.
North West Training Council (NWTC) is a charitable organisation based in Liverpool and was founded in 1963. It combines high quality training provision with the consultancy and audit services needed to help organisations identify their training needs.
It was initially founded to address the need for apprentice training and has gone on to become one of the largest private sector training organisations in the industry.
The organisation strives to provide the very best learning, education and assessment by a process of continuous improvement and a commitment to quality in everything it does.
NWTC recently relocated to a new high-tech premises. The move to the new premises was essential, however, it did demand significant capital to relocate and updated equipment would be needed for its training courses.
As part of the project, NWTC invested in brand new machine tools and robotics equipment which has improved the facilities and allowed the business to move into different engineering sectors. One of these sectors is the food and drinks industry, which has attracted a wide range of new customers including Kraft Heinz, Nestle and Allied Bakeries who are sending their apprentices from all over the UK to NWTC’s new training centre in Sandhills, Liverpool.
A NWTC board member recommended NWTC work together with Close Brothers Asset Finance to help with a finance solution to enhance its training facility.
Matt Sproston, Area Sales Manager, Close Brothers Asset Finance, met with Paul Musa, Chief Executive, NWTC and concluded that they needed a cash injection to secure cash flow. Paul was able to evidence the impressive facilities NWTC has to offer, which was full of brand new machine equipment which Matt knew would hold significant value and could be used to release funds against.
A second meeting outlined how the deal would be structured to suit the business’ requirements, providing the cash needed whilst amending the term to ensure that cash flow was improved.
Being a charity, a third meeting was scheduled, this time involving a non-executive director to outline how NWTC and Close Brothers could develop a long-term relationship in addition to helping to fund its requirements.
By working together, Close Brothers was able to release the amount of cash required, using specific assets ensuring that they had other assets that remain unencumbered.
As a result, there was an immediate cash injection which has enabled NWTC to carry on doing what they do best in a top-class facility with brand new equipment.
Paul Musa, Chief Executive, NWTC said “Having been recommended to contact Close Brothers by a board member due to his great experience and hearing such positive things, I was excited to see what they could offer us. I couldn’t have asked for a better service and we are delighted with our result.”