Find out why an innovative British supercar manufacturer chose Close Brothers Asset Finance as its long-term finance partner.
Founded in 2009, Briggs Automotive Company (BAC) is known for developing the world’s first – and only – single-seater, road-legal supercar. The car is the product of brothers Ian and Neill Briggs’ ambition to produce a car that delivers the ultimate driving experience – a vehicle that focuses solely on the person behind the wheel and is the ultimate piece of sporting equipment for the sport of driving.
BAC Mono was showcased on BBC’s Top Gear – setting the fastest-ever Power Lap time on road-legal tyres – and went on to be named the Stig’s Car of the Year in 2011. Televised accolades were only the start of things to come for BAC, with the Mono scooping seven production car lap records at iconic circuits around the world.
BAC continually invests and collaborates to create new and improved components, materials and technology to remain at the cutting edge of automotive manufacturing. The business needed a solution that would simultaneously allow continuity of daily operations whilst executing expansion plans.
To produce and release future models, BAC secured a property adjacent to its existing building to increase servicing capacity and manufacturing space. However, a new fit-out was required to ensure the new building was fit for purpose and allow the supercar manufacturer to develop and manufacture its ultra-high-performance vehicles.
Neill Briggs, BAC’s Co-Founder and Director of Product Development approached Close Brothers Asset Finance because of the companies’ shared values and understanding of the importance of long-term working partnerships.
Matthew Sproston, Area Sales Manager at Close Brothers Asset Finance, reviewed BAC’s business requirements to better understand the finance options that would best suit BAC.
BAC had several vehicles they retained for development, track days and demonstrations. One of the vehicles held significant sentimental value because it was the first BAC Mono ever produced, and because of this, its intrinsic value was far more than the sum of its parts.
Matthew worked closely with BAC, using this unique asset to raise the required capital for the new building fit-out, developing a tailor-made Sale and HP Back agreement, which allowed BAC to still have full use of the treasured BAC Mono.
By releasing funds against an existing asset, BAC completed the fit out of the new building without affecting cash flow. BAC can now continue to do what it does best: develop and manufacture ultra-high-performance vehicles.
“We are incredibly proud of what we have achieved in a relatively short time,” said Neill Briggs, Co-Founder and Director of Product Development. “BAC understands the value of relationships, which is why we chose Close Brothers Asset Finance as a key funding partner. They share our commitment to long-term partnerships and I’m really pleased to have them along for the journey.”
Was this article useful?
Why not sign up to receive our news and insights relevant to your industry direct into your inbox?