Rangewell - Hire Purchase
Rangewell assists their customer in funding growth plans with our Hire Purchase product
Rangewell is a multi-award-winning business finance broker that have a network of local business finance experts who use their knowledge and expertise to help all types of businesses find suitable finance solutions.
Because of the specialist sectors Rangewell operate in, they frequently work with clients who have substantial asset finance requirements.
One of their customers was looking for financial backing which would assist them in fulfilling strong growth plans which included setting up new warehouse sites over the next twelve months.
The customer currently hires their materials handling equipment but were looking for a solution that would allow them to purchase the assets as they would make a large saving on their monthly outgoings.
Finding a suitable finance solution
Rangewell approached Close Brothers Business Finance, knowing that they would be a perfect lender for their customer. Working with Chris Harris, Business Development Director from Close Brothers a valuation on the assets was completed, and this showed a shortfall in the value needed.
Chris quickly presented a solution to this and offered a Hire Purchase facility, which was eligible to be backed by the Governments Recovery Loan Scheme. This arrangement would allow the customer to acquire the assets whilst paying for it in instalments over an agreed time scale. The Recovery Loan Scheme allowed Close Brothers an increase asset security with a guarantee against the outstanding balance.
The agreement was written for over four years which helped spread the cost of the investment and increased the monthly savings over what they were paying to hire the equipment in the past.
The power of working together
As a result of Rangewell and Close Brothers Business Finance working together, the customer has now got an additional warehouse up and running which has created jobs for 15 people. The deal has also enabled them to service an increased in work load.
In addition to increasing capacity and turnover, the customer is making huge savings on the assets in terms of hire charges in circa £25,000 per annum.
Chris Harris, Business Development Director from Close Brothers Business Finance said, “It’s always a pleasure working with the specialists at Rangewell who have very strong personal relationships with their clients and provide very detailed funding proposals which allow us to quickly understand their clients and their funding requirements quickly. In this case Close Brothers were quickly able to understand the client's growth plans and provide appropriate funding to allow them to fulfil these plans. We were exceptionally grateful to be one of the last funders to be able to take advantage of the Governments Recovery Loan Scheme.”
Rangewell commented “Close Brothers Business Finance are consistently one of our first ports of call for asset finance due to their commercial approach and willingness to truly understand our client's business and funding requirements. With this deal, and under very tight timescales Close Brothers have, as always, been truly amazing, and this deal really demonstrates the power of us working together. It has been a pleasure working with Chris to get this deal over the line.”
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.
