The local economy in Cambridgeshire has developed successfully over the years and has shown significant resilience during the recession. Like many counties across the UK, it has seen more and more businesses turn to leasing to finance their businesses plans.
Leading asset finance and leasing company, WestWon has recently helped over 30 businesses in a variety of sectors in Cambridgeshire to acquire the assets they need to grow and prosper by arranging flexible lease agreements.
Cambridge is a city internationally renowned for its world leading university and its culture of innovation. Those living and working in the city are amongst the most highly qualified in the country with 46% of residents educated to degree level, compared to 26% nationally. Situated less than an hour from London by train, the area boasts thriving biotech, distribution and finance industries as well as a vibrant tourist industry.
Furthermore, Ely is one of the fastest growing cities in Europe with the population predicted to reach over 27,000 by 2031, while Peterborough is home to over 380 environmental businesses and some of the leading financial institutions – including Clydesdale and Barclays.
Leasing is one of the fastest growing and most popular ways to finance equipment and technology amongst companies of all sizes and industries, from laboratories and dental surgeries to restaurants and start-up enterprises.
As well as the ability to frequently update specialist equipment without tying up available cash, a leasing scheme can offer considerable tax benefits. With an operating lease, lease ‘rental’ payments are an allowable business expense that can be set against profit – thereby potentially reducing your tax bill. Plus, lease payments can be tailored to match a company’s seasonal cash flow and a combination of equipment from different suppliers can be covered under a single lease agreement.
Some of the most popular types of equipment leased are:
- IT equipment (e.g. computers, tablets, printers)
- IT Software
- Engineering equipment
- Office furniture
- Scientific and medical technology
- Catering equipment
- Industrial machinery
- Hairdressing and beauty equipment
- Sports and leisure equipment
- Processing and packaging machines
- Retail equipment
- CCTV and security systems
- Waste and recycling equipment
With an extensive network of over 340 finance partners and suppliers throughout the county, which includes over 145 in Cambridge and over 60 in Peterborough, WestWon is able to provide each business with a tailored service and a dedicated account manager who possesses valuable local knowledge. The company is even helping over 380 local schools finance the introduction of tablets into the classroom.
For more advice on leasing and selecting a reputable local leasing company, download your free Essential Guide to Local Leasing for Business.
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