Asset Finance facility turns glass half-full for manufacturing business

When this long-standing client, a glass manufacturing company, was offered the opportunity  to buy equipment from a business abroad that had gone into administration, it faced unexpected hurdles sourcing funding because of the international aspect of the transaction, but with the help of industry broker Rory McKay from Premier Asset Finance and Stephen Brook, Senior Regional Director at Ultimate Finance, the business was able to meet its ambitions.

The benefits and flexibility of asset-based lending

Stephen explains, “The business has been supported with funding by Ultimate Finance for many years, and the existing relationships made all the difference in providing the funding required to purchase the equipment from outside of the UK”.

Ultimate Finance was able to provide a £900k Sale & HP Back solution through its Asset Finance offering which allowed for the refinancing of an existing facility and unencumbered assets to raise the funds needed to buy the equipment.

Stephen continues, “It was proving very difficult for the business to source the funding needed due to the international aspect of the purchase, but we were able to think outside of the box and make the most of the benefits and flexibility of asset-based lending to provide the business with a solution that enabled the purchase to go through without causing an unwanted dent into the company’s cashflow”.

Local presence that makes a difference

Thanks to Ultimate Finance’s wide geographical spread across the UK, a member of the team who was locally based near the business completed the necessary asset inspections quickly to help set the facility up without any unnecessary delays. Stephen adds, “Our team is strategically located across the country to make sure that we can deliver where our customers need us. Our processes are efficient and supported by the right technologies to ensure we can provide businesses with fast access to the tailored funding solutions they need to meet their goals”.

With the equipment purchased and ready to be delivered to the UK, the business can now open additional premises and continue its growth trajectory.