Rental company releases capital to fuel further growth using Hire Purchase agreement
Station Hire Limited is a thriving car, van, and minibus rental company that was founded in 2020 by Lee Morgan, with the aim of providing cost effective rental options to private customers and businesses.
Multiple agreements
The Pembrokeshire based company had Hire Purchase agreements for several vans and a minibus, with different providers, resulting in varied monthly outgoings. To optimise their financial efficiency and release capital for expansion, Lee was looking to merge these agreements into a single Hire Purchase arrangement.
Streamlining the finances
In pursuit of a solution, Lee contacted Close Brothers Asset Finance. Working closely with the business we were able to structure a comprehensive single Hire Purchase agreement. By combining the existing agreements, the business was able to utilise one payment schedule that aligned with their growth strategy.
A solid position for growth
The consolidation of the Hire Purchase agreements was a pivotal move for Station Hire Limited. The business experienced a significant reduction in monthly outgoings, providing extra capital that enabled them to invest in additional vehicles. This has helped position the company for sustained growth in this competitive market.
Close Brothers Asset Finance commented: "Collaborating with Station Hire Limited to consolidate their Hire Purchase agreements was a rewarding experience. Our tailored solution not only optimised their financial structure but also empowered them to fuel their business expansion. It's a testament to the positive impact strategic financial planning can have on growing enterprises."
"Consolidating our Hire Purchase agreements was a strategic decision to streamline our finances which, not only reduced our monthly outgoings but also released capital for further investment. Working with Close Brothers Asset Finance was instrumental in achieving these financial goals and I would be happy to work with them again if I were seeking further finance in the future." Lee Morgan, Director of Station Hire Limited
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