Following customer feedback and continued developments in the print industry, Close Brothers Asset Finance has launched a new initiative to provide soft lending against digital print assets for SME’s in the UK print industry. This product is aimed at allowing the customer to fund the digital asset without the need to provide any deposit or guarantees. While this is subject to the status of the business, it has been designed to help printers preserve cash and help them make a quick decision in a fast moving part of the market.
“We’ve been listening closely to both customer and industry feedback,” said David Bunker, Assistant MD of Close Brothers Asset Finance’s Print division. “And what we’re hearing is that printers want a finance product that is aimed squarely at the digital print market.
“The traditional banking view is that digital engines represent little value; however, with this new product, we effectively underwrite the business and not the asset.
“We’re looking to work with our industry partners to bring this product to the market and also see this offering helping package deals being funded where it might include digital finishing machines to complement digital print engines.”
Digital print represents an increasing market opportunity, with customers using this technology having increased by 213% over the last five years as they seek to diversify from more traditional printing methods.
The Close Brothers Asset Finance Print team is attending all the major industry events in 2017, where more detail of the product will be available.
Types of digital printers financed
All types of new or ex-demo digital production printing machines will be considered for finance, from high-speed, high-capacity printers for commercial printers and in-house departments to continuous feed printers for high volume printing.
Andrew Brown, Managing Director, Browns CTP: “This is another example of Close Brothers Asset Finance listening to the market and adapting its offering accordingly. It’s innovative and complements very well their existing expertise in the industrial and commercial litho print market.”
Iain Stewart, Managing Director, Dorset Digital Print: “We’re encouraged to see Close Brothers Asset Finance come to market with a product that makes it easier to invest in digital print engines. This is the kind of product that enables smaller businesses to expand into the digital market and develop new product ranges.”