New Mazak Horizontal Lathe financed – XL Technical Services Ltd
XL Technical Services Ltd is a manufacturer of high-end precision engineering components for the sub sea and oil sectors. Founded in 2007, the business is based in Walsall, West Midlands
Dave Craddock, Managing Director of XL Technical Services Ltd, approached Close Brothers Asset Finance for help in funding a new piece of machinery.
New advanced machinery
The piece of machinery Dave wanted to purchase was a Mazak Horizontal Lathe, Intergrex i250h. This new machine is very advanced and will offer the business greater flexibility, it will also allow them to better service new contracts that they have won.
Richard Kirk, Sales Director for Close Brothers Asset Finance worked with the Dave to find a funding solution for the new lathe. XL Technical Services Ltd is a long-established customer, so Richard understands the business and its needs well.
Richard was able to put together a plan to fund the new lathe which utilised a Hire Purchase agreement, allowing the business to acquire the new Mazak Horizontal Lathe whilst being able to pay for it in a structured repayment plan.
XL Technical Services Ltd also opted to purchase our MACH 3-5-7 Breakdown Plus cover, this insurance policy will protect the businesses valuable new asset and allow them to plan for unforeseen mechanical breakdowns and production interruptions.
A continued relationship
With the acquisition of the new lathe, Dave and the team at XL Technical Services Ltd can continue to serve their customers with the high-end precision engineering components they have come to expect. The business can also rest safe in the knowledge that because the took out the MACH 3-5-7 Breakdown Plus cover that they are protected, should the worst happen.
Richard commented: “It was great to work with Dave to put together this new agreement, the business also opted for our MACH 3-5-7 Breakdown Plus cover which offers them security and peace of mind with their new asset. We have worked with the business for a number of years and in that time we have established a great relationship, I look forward to working with the team at XL Technical Services Ltd again in the future.”
“Rich and his team at Close Brothers have helped us grow our business once again. I’m thrilled with the new lathe we have acquired and I look forward to working with Close Brothers Asset Finance on more deals in the future.” Dave Craddock, Managing Director, XL Technical Services Ltd
