Supporting a new business
Thermal Road Repairs is a young business, who supply new-to-market, bespoke equipment incorporating new technology in road repairs, so the company has large potential for rapid growth.
The already award-winning business is currently the only company in the UK providing paver mounted thermal technology and their equipment and technology is significantly further advanced than any other international provider.
An innovative company
Due to the innovative nature of business that Thermal Road Repairs specialise in, many finance companies were not able to offer them a finance solution with any flexibility.
Danny Falls, Director at Thermal Road Repairs, approached Simon Beare at Close Brothers Asset Finance as they required finance in order to pay for a large amount of equipment in advance, prior to the finished Utility Thermal Road Repair Vehicle being ready for use.
These innovative vehicles are specifically made to order and are the ultimate requirement to produce quality repairs to asphalt surfaces on highways, footways and airfields/airports. The Vehicle is self-contained with all the equipment, materials and traffic management signs, cones and barriers included.
The equipment includes a two-tonne hotbox, compaction plant and a thermal road repair heater. This produces a seamless, thermally bonded joint that is impenetrable by the weather and other harmful elements.
Simon at Close Brothers Asset Finance suggested a Hire Purchase agreement, which would enable Thermal Road Repairs the opportunity to pay in instalments, spreading the cost of the investment. This agreement also meant that Close Brothers Asset Finance were able to meet the customers requirements in terms of deposits and finance agreements, as well as the credit lines required and a stocking line to assist with cashflow.
During the first 12 months of working with Close Brothers Asset Finance, Thermal Road Repairs were able to fund six Utility Thermal Road Repair Vehicles, enabling them to meet their growth plans. Moving forward, the business expects to continue its large-scale growth and maintain a strong working relationship with Close Brothers Asset Finance.
Commenting on the deal, Danny Falls, Director at Thermal Road Repairs said: “The team at Close Brothers have been able to provide us with exactly the solution we needed.
"Their flexibility and speed in decision-making has enabled us to grow and the hassle-free ways of delivering the solution has been a breath of fresh air.”