Our Close Brothers Technology Services division recently helped a company to invest in the latest modular LED screen technology:
Providing funding to support business growth
VisionEvents, a technical production company, are at the cutting edge of the events industry. As technology continues to advance, it is vital that they make significant investment in the latest products, most recently in a state of the art modular LED screen.
Find out how they were able to provide a new service offering and significantly reduce their monthly costs, through working with the Close Brothers Technology Services team, who provided a finance lease funding option to meet their business requirements.
VisionEvents started life as a fledgling but ambitious supplier to the events industry. With a strong history in supplying audio-visual equipment and technical know-how they have evolved into one of the UK's leading event production agencies with a large, experienced team and a solid reputation for producing world-class events and supplying top of the range audio-visual equipment for hire.
The company has built a common vision, which still exists today: to constantly invest in their team, skills, equipment and technology to ensure they stay ahead in their ever-changing industry. Being proudly independent and privately owned, they proactively ensure they keep on top of the very latest developments.
VisionEvents wanted to stay true to their history and culture by investing in the latest modular LED screen technology (being modular allows it to be flexible in its deployment); it came at a cost of just short of £220k.
A key requirement was ensuring that they could match the lease payment to the daily running of the business.
Through spending time with VisionEvents and understanding in detail what the business objectives and requirements were, John Davis, Relationship Director for Close Brothers Technology Services was able to provide a number of recommendations including a finance product that:
- Kept payments to a minimum and minimised up-front costs
- The option of a finance lease, would not only significantly reduced monthly payments, but also met with the client's requirement of not having to pre-pay the VAT
- Finally, having credit in place to negate the requirement for the supplier to have 20% deposit paid in advance
The certainty of funding gave VisionEvents a strong negotiating position with the screen supplier and has taken VisionEvents to a new level in terms of their client offering and capabilities - the full screen is 42sqm but can be can be formatted to any size and orientation, giving VisionEvents flexibility at smaller venues.
In only its first week, the new LED technology was hired out for two shows, incrementally increasing revenues whilst also impressing clients with its quality.
"We found Close Brothers Technology Services very attentive and keen to understand the company's specific requirements regarding our financial needs whilst showing excellent customer service in dealing directly with the trade supplier. They kept us posted on progress, as well as putting together an attractive, competitive proposal." Chris Montgomery, Managing Director, VisionEvents Ltd