When this coach and minibus hire business were granted an additional contract with national travelling company Megabus, they needed to expand their existing fleet of vehicles to ensure they could easily meet the increased demand the contract will create.
The business’ director approached industry broker David Tyrer from Universal Asset Finance with their needs, who then introduced them to our team after having already worked on successful Asset Finance deals with us previously.
Ultimate Finance’s Regional Director John Hallett explains, “We have been working with the team at Universal Asset Finance for many years and have built a relationship that’s seen facilities already provided to many businesses looking to keep their business moving with the right funding solution for them. So, when they approached me with their client’s requirements for a new double decker coach, I knew we could tailor a facility for them quickly and efficiently”.
The business was looking to acquire the new vehicle without causing a dent in their day-to-day cashflow and we were happy to create a £319k Asset Finance solution that would allow for a smaller deposit and 60 monthly repayments to assist with their requirements. The Hire Purchase agreement means that they also can purchase the coach in full at the end of the 60 months contract against a small, pre-determined fee should they wish to keep it as part of their fleet.
Hallett continues, “To meet the client’s funding requirements we agreed to a 10% deposit and a 5-year contract so they can continue to grow alongside the agreed repayment plan. We also offered additional flexibility with a VAT deferment so that their VAT claim with HMRC will have already been repaid by the time they need to repay the tax”.
The facility was put in place quickly to prevent any delays in the contract fulfilment by making the most of technology advances at our disposal: the due diligence documents such as ID verification were all done remotely via our partnership with Nivo to allow the client to scan their identification documents with their phone, and once the terms of the contract were agreed the contract signing process was instantaneous through e-signing so that the funds could be unlocked as quickly as possible.
Hallett concludes, “Technology has meant that we can have the funding with a client within as little as a day, which can mean the difference between a client meeting their ambitions or not in some cases. By partnering with Introducers such as Universal Asset Finance we are in a great position to offer tailored facilities to businesses across the country to help them keep moving. We know that ambitions evolve as businesses grow too, so we keep close to our clients to ensure that they know what additional support we can provide them and their team, be it through additional Asset Finance solutions up to £1.5m, but also via our Invoice Finance and Bridging Finance solutions if that can help unlock further potential for them”.
Find out more about how our tailored funding solution and relationship-first approach has already helped thousands of businesses meet their ambitions.
