Three questions with… Sharon Chalkley, Managing Director, Transport, Burton team

What challenges do you expect our customers will face in the next 12 months?

As prices continue to rise across various industries, our customers are finding it increasingly difficult to manage their cash flow, which in turn impacts their ability to expand. This is particularly evident in the transport sector, where several challenges are emerging.

The cost of new vehicles, fuel, and insurance is increasing, putting significant pressure on hauliers. In addition, the uncertain economic environment has led to a reduction in available work for hauliers, while many are holding onto their existing assets for longer instead of investing in regular replacements, as they had done previously.

This extended use of older assets has also caused maintenance and repair costs to rise. In the Coach sector, the high prices of used vehicles is making fleet upgrades very expensive.

Many firms surveyed in our SME report were concerned about cash flow. How can Close Brothers Asset Finance support them?

We understand the challenges businesses are facing and we’re here to help. With our refinance product we can support firms that need a cash injection. This can involve unlocking funds from unencumbered assets or those with equity, whether financed by us or another lender.

This solution allows businesses to leverage the value tied up in their existing assets, giving them the flexibility to navigate cash flow concerns more smoothly.

What sets Close Brothers Asset Finance apart from our competitors?

At Close Brothers Asset Finance, it’s our service that sets us apart. We are committed to never overpromising and underdelivering, ensuring our clients receive prompt and reliable support.

We understand not everyone is the same, and there is no one-size-fits-all solution. Each customer and proposal is reviewed individually, allowing us to tailor our services to effectively meet specific needs.

We genuinely care about everyone we work with, and are dedicated to supporting the haulage industry through both good times and challenging periods.

Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.