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What are the different types of asset finance?

January 23, 2023/0 Comments/in Blog/by Jess Wells-Flint

Asset finance is an important tool for small businesses that want to maintain a healthy cash flow. With asset finance, businesses can acquire the necessary tools and resources they need in order to grow without compromising their cash flow. It’s important to understand the different types of asset finance available, so let’s take a look at the different options.

Leasing

Leasing is a popular option among businesses due to its cost-effectiveness. It involves paying for an asset in instalments over an agreed period to a vendor or finance facility. During that time, you make regular payments on the equipment until it’s fully paid off. These are usually paid either monthly or quarterly. At the end of your agreement, you are usually given the option to either renew the lease agreement or purchase the asset outright.

Operating Lease

An operating lease is an agreement that allows businesses to make regular payments for the use of equipment. This type of leasing does not involve ownership but does provide the business with access to the latest technology and equipment needed to run their operations at lower costs.

Operating leases are short-term agreements and generally have lower up-front fees. Along with no obligations or principal payments towards the equipment. Companies can benefit from this leasing arrangement by avoiding extra fees associated with ownership. While being able to get the high performance they need quickly and conveniently.

Asset Refinancing/ Sale and Leaseback

Asset refinancing, AKA sale and leaseback, is a popular and versatile financial tool used by businesses of all sizes. It involves taking an asset that you have purchased within the last 6 months and selling it in exchange for cash. You then use that cash to pay off existing debt or fund future investments for your business.

Therefore, through equipment refinancing you can pay in affordable instalments to use the equipment that you need. This agreement works by your asset being leased back to you over an agreed period of time.

Through asset refinancing, businesses can free up cash flow and access new investments for growth. Read more about sale and leaseback here.

Hire Purchase

Hire purchase is another form of asset finance that involves purchasing an item on finance from a vendor or financial institution with an agreement to pay it off in instalments over an agreed-upon period of time. This type of financing also provides you with ownership rights over the item once it has been fully paid off. Allowing you to use it as collateral if needed.

Invoice Financing

Invoice financing is another type of asset finance offered by many lenders today. This type of financing allows businesses to borrow against unpaid invoices owed by customers and suppliers. Invoice financing allows businesses to access short-term funds quickly in order to cover operational costs while waiting for payment from their customers or suppliers.

Asset finance is a fast and effective approach used by a whole range of businesses in order to acquire necessary assets without compromising cash flow. Understanding and evaluating all your options when it comes to asset finance will help ensure that you get a finance agreement tailored to your business needs. We hope this blog has been of use to you. However, should you have any further questions please don’t hesitate to get in touch.

Get In Touch

From leasing and hire purchase agreements to invoice financing, there are plenty of options available depending on your specific requirements and budget constraints. Get in touch today to explore your leasing and asset finance options with the experts, give us a call on 01494 611 456. Or, send an email to [email protected]

Follow us on LinkedIn for more leasing insights and updates!

https://westwon.co.uk/wp-content/uploads/2023/01/ashutterstock_2040199232-1-min-scaled-e1674224941975.jpg 828 1500 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2023-01-23 09:00:142023-11-28 14:14:51What are the different types of asset finance?

WestWon acquires Midas Corporate Finance Limited

January 19, 2023/0 Comments/in Blog/by Jess Wells-Flint

As we drew the curtains on 2022, we made one last conquest of the year. We saw this opportunity as the cherry on top of an amazing year. So, we are now proud to announce that we have acquired another leasing company, Midas Corporate Finance Limited.

Midas Corporate Finance was incorporated by Gary Ambrosini in September 2007. Being based in Oxfordshire, Gary’s main focus was on vehicles and hard asset funding. Over the fifteen years the company was trading, Midas built up a large client base all over the UK and wrote many £m’s in lease finance. Gary, who turned 66 in December, decided it was time for retirement after spending most of his adult life working in leasing and asset finance.

Gary speaks on passing Midas over to WestWon, “It comes to that time when you wish to hang your boots up and retire. I was looking for a clean break, a company or an individual that would not just buy the company but one that we could trust with our customer base.

We did have a couple of offers, however, one of the offers wanted to pay for the business over a period of time. WestWon was the best option for us, a quick and simple deal. As it happened, they use the same funders as we did, hence we felt confident of a smooth transition.”

Speaking on behalf of WestWon, Jeremy Hall, CEO mentioned, “The first time I spoke to Gary was in March 2021. We had just acquired the Midas Leasing customer base from Vince Truby. As they had similar company names, I felt it prudent to say hello and introduce myself in case of any brand issues or customers contacting the wrong Midas.

Gary and I got on extremely well when we met up in 2022, we have similar values around customer care. His client base is great, there being many relationships going back over 20 years. We look forward to speaking to their clients.”

Contact Us

Here at WestWon we are more than qualified to take care of your asset finance and leasing needs. We now have over 45 years in business and a team of experts behind us. So if  you are looking to obtain finance for your business, rest assured you are in the right hands. Give us a call on 01494 611 456, or send an email to [email protected].

https://westwon.co.uk/wp-content/uploads/2023/01/midas-aquisition-min.png 630 1500 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2023-01-19 09:00:372023-01-16 09:13:25WestWon acquires Midas Corporate Finance Limited

Kick-starting 2023 cosmically…

January 16, 2023/0 Comments/in Blog/by Jess Wells-Flint

On Thursday the 5th of January we held our annual Year Start Meeting. However, this year was different to previous years. As this year we sustained our theme of Mission Control.

What is Mission Control?

Mission Control is the name of our newly refreshed offices. Therefore in the latter part of 2022, mission control commenced and our workspace underwent an extraordinary transition. This transition relates to outer space and sends positive messages to our team of their infinite potential. Read more on mission control here.

So, in keeping with the mission control theme, we thought it would be incredible to jumpstart 2023 conveying the same message of Mission Control to our team. Therefore, our team headed north
(and some south) to the National Space Centre in Leicester. We thought this location was perfect as it aligns with the values and beliefs that Mission Control conveys. Therefore our team hopped aboard one of their shuttle suites.

We believe that our Year Start meetings are imperative to the lift off of a prosperous trip around the sun. These meetings are set with the intention to reflect, motivate, and celebrate. And we did exactly that. However, after the presentation, everyone got involved in a very astronomical team building quiz.

After an extra-terrestrial first part of the day, we headed out to Leicester city centre to celebrate a spectacular 2022 over fantastic food and drink. Here, we raised our glasses to the triumphs of 2022 and welcomed in an extraordinary 2023!

Shoot for the stars with us

Good news- we’re recruiting! Join our team of salesonauts! Are you looking to advance your career? Why not visit our careers page to find a role that can open up infinite possibilities for you? Or, just for an informal chat about the roles we have available, give us a call on 01494 611 456. Alternatively, feel free to send your CV to [email protected].

https://westwon.co.uk/wp-content/uploads/2023/01/ys-4-min-scaled.jpg 1125 1500 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2023-01-16 09:00:232023-11-28 14:16:52Kick-starting 2023 cosmically…

Launch of Mission Control

January 9, 2023/0 Comments/in Blog/by Jess Wells-Flint

We are proud to announce the successful launch of Mission Control!

On Wednesday 7th of December, we officially launched Mission Control. Now you may be asking yourself, what is Mission Control? Mission Control is the new name of our offices ever since our recent office refresh.

So, we thought the best way to showcase our new look was to make an occasion out of it! Therefore, we invited a panel of our funders as well as a few other stakeholders that we work closely with along to hop onboard Mission Control!

The day was a great success, with a turnout of over 50 attendees. It was a great opportunity to celebrate Mission Control with champagne, canapes and networking!

Why Mission Control?

At WestWon we are always striving to do better and reach our highest potential. And what better theme symbolises that than outer space?

However, infinity and beyond isn’t our only theme. Our offices have 3 floors, and each of them have their very own meaning. So, let’s take a journey up Mission Control…

Ground floor- The WestWon Woodland

We thought it only made sense to make our ground floor woodland themed. As you may already know, the restoration of the planet is a cause close to our hearts here at WestWon. So the WestWon Woodland echoes throughout the floor, immediately showing visitors of the building what we stand for.

The Wyse Bar

It is always important to stay in touch with your roots. Hence the name “The Wyse Bar” is derived from our company’s foundations… Wyse Leasing. We also thought that the Wyse Owl also ties in nicely with the woodland theme we’ve got going on! You can watch the opening of the bar here!

First Floor- The Cabin of Clouds

As we progress upstairs to the first floor, you are instantly feeling on cloud nine. As you may have been able to guess from the name of the floor, this space is cloud themed. This again symbolises advancement.

Top Floor- Mission Control

As we advance further, we then reach the top floor- Mission Control! The message behind this is the potential we give our employees to grow and advance their careers.

We are a growth-centred company in many ways, for trees, businesses, and all our team, so we believed that it was important for our workspace to reflect that.

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Why did we decide it was time for change?

The interior design of our offices was left mostly untouched ever since we moved offices 5 years ago. We grew bored of plain white walls and decided we wanted our workplace to show who we are and what we are all about.

Not only this, but we wanted to make it an even more exciting place for our employees. The mental impact of workspace design is often overlooked, this is a place that most of our team spend a significant amount of their time. Therefore, it is crucial to create a workspace that is not only aesthetically pleasing, but also inspires and boosts productivity. But we hope that our new and improved look does all three!

However, we are not only focused on retaining our existing members of the team, but we are actively looking to attract new recruits and we hope that our new design will help us achieve that.

Become part of a cosmic team!

“Explore the infinite opportunities here at WestWon”

Explore infinite opportunities here at WestWon

We currently have three amazing opportunities available to propel your career. Why not get in touch to explore your possibilities? Give us a call for an informal chat about our current roles on offer, on 01494 611 456. Or send your CV to [email protected].

https://westwon.co.uk/wp-content/uploads/2022/12/mission-control.jpg 668 1000 Jess Wells-Flint https://westwon.co.uk/wp-content/uploads/2016/06/WestWon-Colour-300x94.png Jess Wells-Flint2023-01-09 09:05:242023-01-09 09:05:48Launch of Mission Control

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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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