Find out how we helped this distribution specialist modernise their fleet affordably.
E&C Distribution are collection and distribution specialists based in Preston. The company was formed in 1990, with owner Ian Chadwick driving the company’s one vehicle – a 16 tonne Mercedes.
Over the years they have grown consistently, and they now have an O Licence for 19 trucks, plus three vans for smaller work.
E&C distribution needed to modernise their fleet to meet the incoming Euro 6 emission standards. Clean air zones and low emission zones are being introduced across the UK soon, which means that vehicles which don’t meet emission requirements could face charges of up to £100 per day.
Whilst E & C were looking to upgrade their fleet to avoid these charges, they had never used asset finance before and were particularly nervous about how this type of lending worked.
The company directors, Ian and Louise Chadwick approached Area Sales Manager, Daniel Lynch for advice. Daniel recommended our Hire Purchase product, as this would allow them to acquire the assets they needed whilst spreading the cost over time. At the end of the payment term, E&C distribution will have the option to purchase the asset outright.
Using this solution, they have now financed three trucks with Close Brothers Asset Finance. Daniel has also put a credit approval in place, so they now have the freedom to agree future truck purchases with our financial backing.
With the backing of Close Brothers Asset Finance, E&C Distribution have been able to modernise their fleet without damaging their cash flow. Their new vehicles, and ability to purchase more when needed, means that the company will be fully prepared when Euro 6 regulations are implemented, avoiding heavy fines.
The company will also benefit from the increased efficiency of their new vehicles by saving money on fuel.
Ian from E&C Distribution said: “Thanks to Close Brothers we are finally comfortable with a finance company which provides a good service. The solution has helped us to modernise our fleet whilst spreading the cost over an affordable timescale.”