Flexible finance options enhances online service - Boardland
From its factory in Northamptonshire, Boardland is a family run joinery business that manufactures a variety of products.
It produces cut panels, skirting boards, architraves, door frames, cupboard doors plus many other products from MR MDF (HDF), softwood and hardwoods. This online service was developed to offer customers a fast track service at competitive prices. Providing delivery throughout the UK, Boardland has a wide range of designs whilst also offering a bespoke service to meet any requirements.
The challenge
In order to enhance its services, Boardland needed to upgrade its CNC capacity by acquiring an SCM Sigma Prima 67 Beamsaw. A quick finance solution was required but with a flexible deposit since the business was investing heavily in a new website.
Derek Rance, Managing Director, Boardland met with Richard Randall, Area Sales Manager, Close Brothers Asset Finance to discuss requirements. Boardland is a long term customer of Close Brothers and therefore Richard was already aware of the business background.
The solution
Within 24 hours, Richard was able to assist in the approval of a £0 deposit deal by taking security over other existing machinery and releasing some of the equity in the assets to the customer for the VAT, leaving the customer’s cash flow untouched.
A structured Hire Purchase and Sale and HP Back agreement was put in place over a 60 month term.
The outcome
CNC services are now being advertised on the new website which will help to increase production capacity and profit margins.
Derek Rance commented: “We already had a long term relationship with Close Brothers Asset Finance and know that they work closely with key suppliers enabling them to make quick decisions and turnaround, so they were naturally our first port of call. The finance product offered enabled us to invest elsewhere including the website and delivery of the machinery was made within the same week of the order.”
