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Sale and HP Back - Ken Girvan Printers Limited

Sale and HP Back - Ken Girvan Printers Limited

Company profile

With almost 25 years in business, Ken Girvan Printers Ltd has built an enviable reputation for quality and attention to detail. The company bases its success on always using the latest techniques and modern machinery and its dedicated customer services team.

Ken Girvan Printers Ltd offers its customers clear advice, seeking the most cost effective printing solutions on their behalf.

Challenge

They needed to upgrade their existing Xerox printer and to purchase the latest in digital technology, a Konica 8000. They knew that this would enable them to produce a better finish, improve productivity and offer a more comprehensive service to customers.

However, the company didn’t want to make a large initial outlay and wanted to keep any new finance repayments as near to their existing levels as possible.

Solution

Owner and founder of the company, Ken Girvan met with Jon Bennett, Commercial Director of the Print Division at Close Brothers Asset Finance to discuss the possibilities.

Upon close examination of the business, how it worked and what it needed to grow, Close Brothers were able to structure a bespoke deal worth £125,000.

They transferred the debt and assets from the printing firm’s existing finance deal to a new deal that would allow them to make their digital purchases.

By extending the term of the existing deal to reduce the overall payment and using the equity in the existing assets, Close Brothers were able to mitigate the need for a large cash deposit.

Result

The financial package agreed upon has allowed Ken Girvan Printers Ltd to update their digital equipment with very minimal impact on their cash flow.

The new equipment has not only created additional printing capacity which is enabling the business to expand, but it is also reducing consumable usage, leading to increased profitability.