When this specialist transport provider was awarded a contract from a popular television production earlier this year, they set out to find a partner that could help them acquire the vehicles they needed to successfully meet their ambitions. The business’ director and Ultimate Finance’s Regional Director Rachael Foulis discuss how an Asset Finance facility became the right funding solution in this instance.
The business had only been recently established when its director decided to submit a tender to a leading production company he had worked on in the past to provide their transport services for one of today’s most popular tv series developed in the UK. He explains, “Our business supports the film and television industry by transporting various props and build and dress production sets. Having worked in the industry for six years prior to setting up the business, I had realised that there was a huge gap in the market for this kind of service, so it was a great source of pride to be selected as an official supplier on this production”.
The production runs for 46 weeks, and to fulfil the contract the business needed to acquire a new truck capable to transport 7.5 tonnes of props to the various locations used to film the television show, a quad bike to deliver them to more remote locations, and a trailer. He adds, “Buying the vehicles outright would have meant having to part with a large chunk of cashflow, so I worked with my accountant to prepare a thorough business plan which we presented to our broker Ross Mitchell at Anglo Scottish Asset Finance”.
Ross Mitchell explains, “When my client reached out with their requirements, I was delighted to be able to help with such an ambitious project. Through my knowledge of the current lending market and a good understanding of what exactly they needed to reach their goals I was able to quickly identify possible lenders which I knew would be able to support the business quickly and efficiently, and I reached out to Rachael at Ultimate Finance”.
Rachael set out to tailor a funding solution that would allow for the three assets to be purchased with minimal upfront costs and a VAT deferral to alleviate any further pressures on the company’s cashflow. She explains, “When Ross reached out with his clients’ requirement, I immediately appreciated the challenge it presented. It was a relatively young company with big ambitions and an impressive contract already secured the assets were quite unusual, and the funding needed to be in place quickly to make sure the assets were available for the start of the production schedule”.
The team at Ultimate Finance provided a £25k Asset Finance facility with a £6k VAT deferral for three months, which the company will repay monthly over the course of two years to tie in with the terms of the contract awarded by the production company. Through working in partnership with Ross, Rachael was also able to get the legal documents signed and returned quickly by visiting the client herself whilst Ross was on annual leave to prevent any unnecessary delays in accessing the funds.
Rachael adds, “At Ultimate Finance we always listen to the needs of a business rather than try to fit their requirements around rigid products. I am proud of having been able to tailor this funding solution based on their business plan and cashflow projections, and to know that Ultimate Finance has played a part in the creation and success of this much-adored television show. The business is now looking forward to a steady period of growth, and we have already started to discuss requirements for new assets as they join new productions”.
