Racing Simulators financed for Devon based car enthusiast events company
Established in 2019 at Mansell Raceway near Honiton, Devon. Re:Fuel has dedicated itself to bringing the automotive community in the Southwest together.
From their original monthly “cars & coffee” meetings, they’ve spun out a high quality car storage business at a dedicated high security facility, a patent pending long-lasting car air freshener and a sustainable glass-bottled detailing products brand. Re:Fuel now attracts enthusiasts from all over the Southwest.
Director of Re:Fuel, Dan Regan has considerable experience in the automotive field. Dan is actively involved with several car clubs across the Southwest and the rest of the UK.
After running their monthly ‘Cars and Coffee’ events around the Southwest since 2019, Re:Fuel has now opened a new facility based between Cullompton and Willand in Devon, due to their increased popularity. This new location means that Re:Fuel can be open 7 days a week to the public.
An unusual asset
As a new attraction for their new facility, Dan wanted to purchase four new racing simulators. This was so he could create a brand new and unique motorsport sim racing experience in Devon for Re:Fuel visitors to enjoy. Visitors would be able to race one another, the simulators could also be used for events and competitions. To fund the new racing simulators, Dan approached Gavin Martin, Area Sales Manager at Close Brothers Asset Finance for help.
Gavin worked with Re:Fuel to better understand the business and their requirements. He put together a finance package that allowed the business to acquire the four racing simulators through a Hire Purchase agreement.
By using Hire Purchase it meant the cost of the racing simulators was spread over a series of structured repayments. This reflected the seasonality of the life of the simulators, consequently improving cash flow for the business.
Ready to race
By approaching Close Brothers Asset Finance for a funding solution, Dan and his team were able to acquire the four new racing simulators for their new facility in Devon, which opened on the 1st of August 2022.
Gavin commented: “It’s a pleasure to be able to help businesses like Re-Fuel with their growth and expansion plans. In this case we put together a great finance deal with a clear repayment structure. I look forward to helping them grow further in the future.”
“Gavin at Close Brothers has been great to work with. He quickly understood our requirements and put together an agreement that would help us purchase the new racing simulators for our new Apex Race Centre facility at Re:Fuel. We plan to continue working with Gavin and Close Brothers Asset Finance in the future.” Dan Regan, Director and Founder of Re:Fuel
