Working with high end clients such as Manchester United football club, this provider of executive travel services grew quickly however its growth became hindered by a limited fleet of vehicles, forcing it to turn new customers away. Set on maximising the benefits of their increased popularity, they met with broker Ian Sullivan of Fosse Asset Finance to explore funding options that could support the acquisition of additional vehicles to service more customers.
Ian explains, “My client has an excellent reputation in their industry and their business was seeing its growth potential slow down for a reason that is common to many businesses: they simply lacked the additional liquidity necessary to invest in more key assets and so they were having to turn down new opportunities that could have provided them with more cashflow to keep the working capital loop going. So instead of getting stuck in a situation where they had to turn away customers whilst needing their business to keep growing, they made the right decision to come to me as a financial broker to see how a funding partner could help them meet their full potential with funding support”.
Having worked on many facilities with Ultimate Finance Regional Director John Hallett since 2019, Ian knew that Ultimate Finance could meet all the expectations of his client and discussed their funding requirements with him. John says, “Nearly four years into our working relationship, Ian and I have a great understanding of how we can work together to support businesses with their asset requirements, and so when he contacted me to discuss this particular case, I was already certain that I could design a facility that would meet the needs of the client”.
John and the team at Ultimate Finance tailored a Hire Purchase facility which provided the business with over £52k to support with the purchase of two Mercedes V Class vehicles so that they can cater to new clients and take on additional contracts with existing ones. John adds, “The facility also allowed for a VAT payment deferral to offer the client additional time to build their capital before the tax is due on the assets, further safeguarding their access to much-needed working capital”.
John concludes, “The business already works with an impressive roster of clients, and with the additional cars now on hand I am sure that they will be adding more high-end businesses to their portfolio in no time. No longer having to turn away business means that they are now looking at possibly expanding their activities, a project which we have already discussed supporting them with”.