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WestWon acquires the customer and supplier base of Midas Leasing

March 25, 2021/0 Comments/in Uncategorized/by Jess Wells-Flint

WestWon acquires Midas Leasing

WestWon have just completed their twentieth acquisition with the acquisition of the customer and supplier base of Midas Leasing.

Celebrating this milestone, CEO Jeremy Hall was pleased to announce, “We are still working with a range of customers and suppliers of Power Leasing, our first acquisition back in 2006. Since then, we have bought seven companies and thirteen existing customer databases. In fairness, this is hardly Facebook buying WhatsApp. Nearly all the acquisitions are very small and often completed when people have been looking to retire.

There are a few notable deals where this was not the case. With General Capital Finance WestWon acquired lease contracts that were still running. Leasemaster was not really an acquisition but a merger of an existing leasing business with our brand.

Not all of these deals have been successful. Without mentioning names, we have spent some money and time on databases that were just never called and so out of date. We might as well have picked up the yellow pages. All in all, buying a historic customer base from another leasing company has been a sensible strategic move for us.

With regards to Midas Leasing, we are pleased to get involved and are looking forward to breathing new air into their 9,000 plus clients.”

About Midas Leasing

Midas Leasing is celebrating its 25th year in business in 2021. Vince Truby founded the business and has still been running it to this day. He will still be working with a handful of suppliers and customers and any new deals will be processed through WestWon. Over the years, they have completed lease transactions for over 9,000 companies, an amazing achievement.

Speaking of the acquisition, Vince Truby said, “After 25 years of running Midas Leasing, I have decided to semi-retire. I will personally still look to maintain a small number of customer and supplier relationships. However, I am very keen that we can support the many thousands of companies where we have arranged a lease for in the past. With this in mind, we have sold our customer base to another leasing company, WestWon Limited, in March 2021.

May I take this opportunity to thank all our staff, funders, suppliers and customers with whom we have worked with over the years. The journey has been exciting, interesting and highly rewarding. I am proud of the work Midas Leasing and our team has done to provide funding for UK businesses.

The team at WestWon will be in contact with you over time to introduce themselves and help promote the benefits of leasing and asset finance. I wish you all the best and thank you for everything you have done over these glorious years.”

For further information, please contact WestWon on 01494 611 456.

https://westwon.co.uk/wp-content/uploads/2018/02/ELS-Leasing-for-Customers-1030x295.jpg 295 1030 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2021-03-25 15:02:382021-08-12 10:38:04WestWon acquires the customer and supplier base of Midas Leasing

Breaking through the 10,000 client barrier

March 22, 2021/0 Comments/in Uncategorized/by Jess Wells-Flint

WestWon have three strategic goals this year, one of which is to have over 10,000 live clients. In this blog article, we review why this is of significance, what does it mean, and how do we get there?

What is a client?

Firstly, we should review what is a customer, or what we call an end user client?

This is a company/organisation in the UK that has undertaken a lease or loan agreement via our company or a company we have acquired. Their lease agreement may have well expired or been terminated, however we still internally call then a client.

Interestingly, we speak to many other leasing companies who classify a client as a company they are talking to even though they have never done business with them before.

Secondly, we remove companies that have gone out of business or are what we call “red flagged.” These are companies where something has gone wrong such as defaults or a general breakdown in our business relationship. Thankfully, these numbers are low.

How do we know the number of clients we have?

This might sound a stupid question; the answer should be obvious surely?

We speak to leasing companies, suppliers and customers every day. I cannot remember the last time someone accurately told me exactly how many customers they have. Sales Directors and business owners talk in general terms and round up to the nearest 100,1000 or in some cases the nearest 1m!

When we press a button on our CRM system, it does give an exact reading of customers, however is this a true number?

We have recently been through an extensive de-duplication exercise. As an example, one client was on our system three times. Once via an acquisition, then again from a lease deal we have done. As the client changed their company name, by accident, a third lease agreement was loaded on. In summary, three leases for three companies which happen to only be one customer.

Nearly every company record on our database will have a company registration number against them. We have run a routine to check for duplications via registration number, postcode, website address and telephone number.

Prior to loading on any more data onto our database, we will always check to see if we already have a relationship with the company.

Our yearly client audit.

This is something we do in Q1 every year. Cocredo, our credit information data provider – an amazing company by the way – run an automated routine matching up company credit information to a company registration number we give them. We can then see quickly, how many of our customers are still trading.

Why have we set a goal for 10,000 clients?

Some companies will lease, others will not. It can be as simple as that. This often comes down to the culture of the management team and their strategic goals. There are hundreds of thousands of company owners that will just never look to borrow money or lease equipment. However, the vast majority of UK companies will use leasing to finance asset purchases.

Over the years our clients will come back to us for their leasing and asset finance needs. 10,000 live clients is a target we’ve set internally. Achieving this would mean high organic sales plus some major acquisitions of other leasing companies.

 

 

Lifetime value of a client

We have not developed a complex algorithm to calculate the lifetime value of a client. However, we do analyse our sales numbers to see on average, what will be the lifetime financial value to us for every new client we bring on board. This has to be an average figure and clearly can be affected by us recruiting a new supplier program, where for example we might be doing lots of small lease deals or a few number of large ones.

All companies should – or do – look at what is the average lifetime value of a client.

I heard once how Sainsbury’s said on average every client will spend £250,000 with them in their lifetime. It helps them focus on how important their customers are.

https://westwon.co.uk/wp-content/uploads/2018/11/business-people-shaking-hands-finishing-up-meeting-picture-id832108910.jpg 430 1500 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2021-03-22 10:45:492021-03-12 09:58:24Breaking through the 10,000 client barrier

Should You Prioritise Working With A Finance Company Who Has An FCA License?

March 15, 2021/0 Comments/in Blog, Leasing Insights/by Jess Wells-Flint

WestWon Divisional Director, Richard Porter, explains the role of the FCA in the asset finance space, and why it’s important to use a finance provider who is registered with the Financial Conduct Authority.

Who is the Financial Conduct Authority?

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The aim of the FCA is to regulate in a way that adds the most benefit to those who use financial services.

This covers key areas such as;

Protecting consumers by securing an appropriate degree of protection for consumers.

Enhancing market integrity, protecting and enhance the integrity of the UK financial system.

Promoting competition, promoting effective competition in the interests of consumers.

What does this mean to you?

From bank accounts to mortgages, credit cards, loans, savings, and pensions, virtually every adult in the UK is a consumer of financial services. So one of the objectives is to ensure an appropriate degree of protection for all consumers.

They monitor which firms and individuals can enter the financial markets, making sure they meet the standards before they are authorised with a FCA licence.

What if a finance Provider is NOT regulated?

If you are speaking with someone who is not FCA certified, that individual or company ‘may’ not have your best interest. They will officially not be following the FCA guidelines, you will have little protection against fraud, your data, and there will be no legal responsibility to you.

Protection – FCA Authorised.

The FCA work to protect consumers in a wide range of ways. They act to ensure firms have their customers at the heart of how they do business, give them appropriate products and services, and put their protection above the firms’ own profits or income.

They supervise how firms work and can stop those that do not meet the standards from carrying out the activities they regulate.

Where they find that firms are not following the rules, they intervene. This may mean imposing penalties, stopping them trading or securing redress for consumers. It also means ensuring consumers receive the information they need in the right way, so they can make the best decisions for themselves.

How can I check?

Most if not all firms that are FCA authorised will have this either on their website or you can also check on the FCA register by searching either the company name or individual. You can find the information here: https://register.fca.org.uk/s/

 

 

WestWon – FCA licence Number 738235

WestWon have over 40 years’ experience within the finance sector, not only are we FCA accredited but we are also registered with the Information Commissioners Office, ICO. This ensure your Data is Protected and not sold or used for any other purposes.  Licence No. Z9936933. Full information on our accreditations can be found at https://westwon.co.uk/company-information/.

For more information or if you are looking for finance that is best suited to you and your needs contact WestWon on 01494 611 456 or email [email protected].

https://westwon.co.uk/wp-content/uploads/2017/10/sq.jpg 2048 2048 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2021-03-15 10:33:512021-08-13 13:37:59Should You Prioritise Working With A Finance Company Who Has An FCA License?

Recovery Loan Scheme – What Does This Mean For Your Business?

March 12, 2021/0 Comments/in Blog, Leasing Insights, News/by Jess Wells-Flint

The Recovery Loan Scheme launches on the 6th April and will run until the 31st December this year, subject to review.

Similar to CBILS, the Government will guarantee 80% of the finance to the lender, hence hopefully making some company borrowing decisions easier.

There are three type of finance, term loans, invoice finance and asset finance.

Term loans

These are available from £25,000 to £10m and are over terms up to six years.  No personal guarantees are needed on loans up to £250,000.

Leasing and Asset Finance

For agreement between £1,000 and £10m per company with lease repayment up to three years.

Will asset finance and leasing companies offer the Recovery Loan Scheme?

Yes. A range of asset finance and leasing companies have already been signed up to the previous CBILS scheme. Many of these leasing companies will apply and be accepted to offer leasing via the Recovery Loan Scheme.

What are the benefits to my company using a lease organised via the Recovery Loan Scheme?

  1. There is a higher chance the leasing company will give you a credit acceptance
  2. No personal guarantees are needed on lease deals up to £250,000

Will the interest rate on a lease using the Recovery Loan Scheme be the same as a normal lease?

Yes.

Can you use the Recovery Loan Scheme and also get the 130% Super-deduction tax relief?

Yes, as long as you use a lease purchase or loan agreement, subject to the normal rules such as your credit, qualifying brand new assets etc.

Can I use the Recovery Loan Scheme if we have already received support via CBILS?

Yes, you can still have access to Recovery Loan Scheme finance, subject to credit and eligibility criteria.

Recovery Loan Scheme Approved lender

WestWon work with a range of approved lenders who can offer funding via the Recovery Loan Scheme. If your business is looking for a Recovery Loan or asset finance, please call a member of our team now on 01494 611 456 or email [email protected]

https://westwon.co.uk/wp-content/uploads/2017/04/business-17610_1920_reduced.jpg 410 1000 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2021-03-12 13:50:482021-03-12 13:50:48Recovery Loan Scheme – What Does This Mean For Your Business?

Does Super-Deduction tax apply to leasing?

March 12, 2021/0 Comments/in Blog, Leasing Insights, News/by Jess Wells-Flint

Unsurprisingly the question we’re being asked the most by our customers and suppliers is ‘Does the Super-Deduction tax apply to leasing?’ We’re also being asked how the relief works and how it can benefit their business.

The super-deduction 130% first year tax relief on qualifying assets is a major boost in the arm to UK capital equipment investment. Announced in the Budget, the scheme runs from the 1st April 2021 until the 31st March 2023.

Let’s take a look at the impact on leasing and asset finance.

How does super-deduction tax apply to leasing?

You should be able to claim the 130% super-deduction tax relief when you sign a lease purchase agreement. From a Corporation Tax planning exercise, the tax position on lease purchase agreements is the same as if you were to pay cash for the asset.

What is the Government / HMRC saying about lease purchase / hire purchase agreements?

The Government has quoted, “Hire Purchase or similar contract must meet additional conditions to qualify for the super-deduction and special rate relief.”

What does this mean? The UK leasing sector is asking for clarification, however, the widely held belief is that you can use a hire purchase / lease purchase agreement and still get the 130% first year allowance tax relief.

What does “qualifying main rate plant and machinery” mean?

Lorries, vans, tractors, computer equipment, manufacturing equipment, solar panels are all qualifying assets. Certain assets are exempt from this scheme.

What does super-deduction tax break mean?

You can claim 130% of what you send on equipment against taxable profits.

Why is the Government doing this?

They are expecting to raise the level of UK business investment by 10% this year and to bring forward other investment.

What is the tax saving impact of super-deduction tax?

A company spending £50,000.00 on assets in a year would get £65,000 of tax relief. At 19% tax, that would mean a tax saving of £12,350.00.

Let’s look at some of the areas where you cannot claim super-deduction tax relief

Is the funder (technical name lessor) able to get the 130% super-deduction?

No

Can you get the super-deduction tax relief on lease rental agreements?

No

Can you get super-deduction tax relief on car finance?

No

Can you get super-deduction tax relief on refinance deals or sale and leaseback?

No

Can the plant and machinery be used or second hand?

No

I am both the manufacturer and customer, can I claim the tax relief?

No, they do not allow related party transactions.

Where can I read more about the Super-Deduction Tax?

The government have published the draft bill this week and can be viewed here.

For more information on lease purchase agreements or to discuss if the assets you’re financing apply to the Super-Deduction tax relief, please contact us on 01494 611 456 or email us on [email protected].

https://westwon.co.uk/wp-content/uploads/2018/10/growing-plant-on-coins-money-investment-concept-picture-id907280674.jpg 430 1500 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2021-03-12 12:09:112021-03-12 13:33:31Does Super-Deduction tax apply to leasing?

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The Financial Conduct Authority (FCA) regulates financial services in the UK and you can check this on the Consumer Credit Register by visiting the FCA’s website here or by contacting the FCA on 0800 111 6768. WestWon Limited is a credit broker and not a lender. WestWon companies deals with a range of lenders. All WestWon companies hold a current Data Protection Licence and are registered for VAT. These details, together with our policy on Treating Customers Fairly, Complaints Policy and address details are held under our Get in Touch page.
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