WestWon wins Digital Champion Award at BNP Paribas Broker Conference

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Last Thursday WestWon were delighted to have been awarded the Digital Champion Award at BNP Paribas Annual Broker Conference. This year it was hosted at the fabulous Coombe Abbey Hotel in Coventry.

Attended by 45 different introducers across the construction, farm and LCV finance space, we were thrilled and surprised to win the award, the first for WestWon in 2023 following winning Outstanding Funder of the Year award at 2022’s Dental Industry awards and Net Zero Business of the Year at Buckinghamshire Business Awards 2022.

What is the Digital Champion Award?

The Digital Champion Award is awarded to the introducer utilising BNP’s Sales Aid portal for quoting and e-signature documentation. With a focus on conversion rates from credit approval, to e-signature documents all the way to pay out, we’re pleased to have been recognised for our use of the technology. Something that’s close to our hearts here at WestWon.

Speaking about the day and evening Divisional Director David Holley, who accepted the award, said “We’ve worked with BNP financing hard assets for a few years now and they’ve quickly become one of our most popular lenders. We’ve always been impressed with the personal customer service we’ve received from BNP. But to have a system like Sales Aid to compliment this helps us become more efficient and keep our customers happy. A great night was had by all and to win the award was an extra bonus.”

Talking about the award, WestWon CEO Jeremy Hall said “It’s great to win our first award of 2023. And to win an award from one of our lenders directly is even more special. A big thank you should go out to our operations team, who have direct contact with our lenders. This means getting credit approvals in place as well as raising and processing all finance paperwork for our customers. This award isn’t possible without their hard work. It’s great to see their efforts highlighted with this award.”

We would like to say a big thank you to BNP for the hospitality. Also a huge congratulations to the other winners and nominees. It was wonderful to meet so many new and familiar faces to talk all things asset finance.

Contact Us

For more information on WestWon and what makes us an award winning asset finance broker, please give us a call on 01494 611 456 or email us on [email protected].

Introducing – www.corptaxloans.co.uk

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WestWon are delighted to announce the launch of our latest website dedicated solely to Corporation Tax Loans for UK companies – www.corptaxloans.co.uk

The website is the latest addition to the ever-growing WestWon family. This follows the successful launch of our VAT Loans website. Alongside the acquisition of Midas Corporate Finance Limited in 2022.

Why have we launched a website solely dedicated to Corporation Tax Loans?

In April 2023 the main rate of Corporation Tax increased from 19% to 25%. However, with businesses all over the UK feeling the pressure of inflation, fuelled by higher staffing costs, energy bills and stock issues. The saying ‘cash is king’ is now more important than ever.

Not many businesses know that their Corp tax bill can be funded over a 3 – 12 month term, relieving pressures on cashflow. Therefore the aim of this website is to raise awareness and to give companies the option to spread the cost of their tax bill. Should they need it.

Loans start at £5,000 and funds can be released to HMRC in an efficient and timely manner.

Applying for a loan with us is fast and straightforward. Therefore all we need from you are some basic financial information to support the loan. Once received, the application is sent to the underwriters for approval.

Once approved and you have signed our easy to understand loan agreement, the paperwork is processed. Therefore payment is sent directly to HMRC using your unique tax reference number.

Contact Us

For any questions on our new website. Or if you’d like to discuss the funding of your tax bill with WestWon. Please feel free to contact a member of the team on 01494 611 456 or email [email protected]. For more information on Corporation Tax Loans, including the process and the benefits of the loan, please visit the corporation tax loans website on www.corptaxloans.co.uk

Hire Purchase vs Lease Rental -which is best for you?

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Are you looking to invest into your business without compromising your cash flow? If so, you’ll want to know the differences between hire purchase and lease rental.

Both are financing options available to those who wish to purchase an asset without paying its full value upfront. However, they have different features that make them more suitable for different situations. Let’s take a look at what each of these options offers and how they can benefit you.

Hire Purchase Explained

A hire purchase agreement is when you enter a contract with a third party to pay off the cost of an asset over time. In return, you get the right to use and own the asset while making payments. At the end of the term, ownership is transferred to you once all payments have been made. The length of our hire purchase agreements can range from 1-5 years, depending on your needs and budget.

One advantage of a hire purchase agreement is that it allows you to invest into long-term assets without breaking the bank. It also allows you to keep cash in the business for other projects that you may have in the pipeline.

Another benefit of this agreement type is that the interest paid over the term is tax deductible!

Finally, with a hire purchase agreement you will have fixed monthly or quarterly payments; allowing you to budget better.

Lease Rental Explained

A lease rental agreement is similar to a hire purchase agreement but differs in one key way. Ownership is not transferred at any point during the term of the agreement. Instead, when you enter into a lease rental agreement with a financier, they retain ownership over the asset during your term.

You will then make monthly or quarterly payments over your chosen period. When all payments have been made, you will then be required to return possession of the asset back to the financier.

There are also significant tax benefits to be taken advantage of with this agreement type. Did you know that with a lease rental all rentals are fully deductible against your company’s corporation tax bill? You will also be pleased to know that VAT spread and paid with rentals. As opposed to paying upfront like you would with a hire purchase agreement. Read more about these benefits on the HMRC website.

Both hire purchase and lease rental are viable financing options available if you’re looking to acquire an asset without paying its full cost upfront. But which one should you choose? Ultimately it depends on your needs. If you need permanent possession of a timeless item, then a hire purchase is probably the way to go! Whereas lease rentals are ideal for depreciating assets as you can always renew your equipment at the end of the agreement.

Contact Us

To find out which agreement is best suited to the needs of your business, please don’t hesitate to get in touch. Our expert team will be able to guide you in the right direction and provide you with a FREE no obligation quote. We can finance just about anything for any business ranging from £1,000- £10M+. Give us a call today on 01494 611 456, or send an email to [email protected].

Commercial Vehicle Leasing Options

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Purchasing a commercial vehicle outright can be a significant expense, and it makes financial sense to spread the cost of your purchase over time by financing instead. Not to mention, when you finance your commercial vehicle, particular agreement types with give you access to tax benefits not available when paying cash upfront.

Furthermore, choosing to finance your commercial vehicle frees up more cash in the short term, allowing you additional flexibility with other projects or investments. All things considered, financing is an invaluable financial tool that allows businesses to make larger purchases or investments without taking too much from their bottom line upfront.

So, let’s explore your options when it comes to financing your commercial vehicles…

Finance Lease

The idea of a finance lease for commercial vehicles is relatively simple and straightforward. The finance company buys the vehicle for the business, who then pays a fixed monthly fee to use it over an agreed term.

This type of leasing has no large initial outlay, and there are generous tax allowances available. Thus making this kind of leasing ideal if you’re looking to conserve capital expenditure or manage cashflow better.

Benefits of this agreement type include:

  • VAT is spread throughout agreement term
  • Choice of fixed rentals
  • Rentals are tax deductible
  • Improved cash flow

Hire Purchase

Hire purchase is a viable option for those looking to purchase commercial vehicles. The agreement outlines that you, as the buyer, would pay an initial deposit and then agree to make monthly payments for the remainder of the overall cost. This initial payment reduces the amount of credit needed from the finance company, leading to lower interest rates over the life of the agreement.

Unlike an operating lease, hire purchase allows you to own the vehicle at the end of its payments, but gives you rights to use it before that point. This can be a great option for businesses who need more flexible repayment plans and don’t want to tie up large amounts of capital all at once.

Benefits of this agreement type include:

  • Ownership at end of agreement term
  • Choice of fixed rentals
  • Improved cash flow
  • Interest on rentals is tax deductible

Sale & Leaseback

Sale & leaseback is an attractive alternative financing option for commercial vehicle owners. It involves selling a vehicle that you own and leasing it back from the buyer. Many businesses go down this finance route to maximize cash flow and preserve their cash to be used elsewhere in the business.

However, please bear in mind that sale & leaseback is only eligible for assets purchased within the last 6 months.

Benefits of this agreement type include:

  • Release capital against existing vehicles (purchased within the last 6 months)
  • Choice of fixed rentals
  • Instant cash injection that will improve cash flow
Contact Us

Here at WestWon we have an expert fleet finance team that can source a finance agreement best suited to your business. With our industry leading rates and attentive customer service, rest assured you are in good hands. Give us a call today on 01494 611 456, or send an email to [email protected]

See what commercial vehicles we can finance here.

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Celebrating International Day of Forests 2023

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Every year, March 21 marks the International Day of Forests. This year’s theme is Forests and Health, and this special day is a great opportunity to recognize how forests positively contribute to our lives in so many ways. From providing food, shelter, oxygen production, carbon storage, to water filtration, soil stabilization and biodiversity protection —it’s clear that forests matter! Let’s take a look at why this day is so important.

The Importance of Forests

Forests are vital for people’s livelihoods around the world. Forests help regulate water cycles, prevent soil erosion, clean air, and absorb carbon dioxide from the atmosphere. This meaning that they play an important role in mitigating climate change.

In light of this importance, the International Day of Forests was established by the United Nations in 2013 with the goal of raising awareness about sustainable forest management and conservation efforts around the world. This day offers us an opportunity to celebrate successes such as reforestation and protecting threatened species. Nonetheless, it also gives us the chance to recognise challenges such as deforestation and cultivate change.

How Forests Support Human Health

Forests play an essential role in our health, providing many important benefits. Trees process air pollution, removing harmful particles and toxins from the air we breathe. This helps to decrease the number of illnesses caused by air pollution-related diseases such as asthma and cancer.

Forests also provide us with sources of clean water, which are crucial to our well-being. They act as natural water filtration systems which keep waterways clean and suitable for drinking purposes.

In addition, forests play a big part in reducing the shift in climate that has been observed due to global warming by storing large amounts of carbon dioxide and helping to regulate global temperatures. All in all, forests are fundamental to our long-term health and need to be protected for us and future generations.

What Can You Do?

International Day of Forests provides us with an opportunity to reflect on our own actions related to forests and what we can do every day to make sure they keep providing us with clean air, fresh water, food security, jobs, recreation opportunities—and so much more! Here are some simple things you can do:

  • Get involved in local tree planting opportunities. We have volunteered through Protect Earth before, they hold a whole range of tree planting opportunities all across the UK. Read all about our tree planting day in Cheltenham here!
  • Reduce your consumption of wood products whenever possible by opting for FSC certified products
  • Support businesses that prioritise sustainable forestry practices
  • Sign petitions that support protecting our endangered forests

On International Day of Forests 2023 we honour all that forests provide for us throughout history—and all that they will continue doing for future generations if we take action now! We challenge you to take part in this celebration by making small changes today that have a big impact in years to come.

WestWon are proud sponsors of Burnham Junior FC

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Supporting our local community has always been something we care about deeply. We recognise the power of community and strong relationships among members.

That’s why we have recently become sponsors of the Burnham Junior U14s Sabre Blue Boys – a group comprised of local children who devote countless hours and energy to their passion.

Our sponsorship will go towards helping keep the team going. This means our contributions will go towards providing kits and equipment, as well as support for coaching staff. Ultimately enhancing the boys’ experience in their beloved sport. We want them to know they are always supported, appreciated, and respected by their local community!

Since the start of the season 2022-2023, we have sponsored a team made up of local boys from Burnham and High Wycombe. We are also proud to say that the team currently sits second in the East Boys Alliance League!

Hear from the team management…

The team itself is managed by a client of WestWon who have financed vehicles and plant equipment for his business. Jeff Brown, team manager, speaks on what WestWon’s sponsorship means to the team.

“The boys are so grateful for the generosity shown by WestWon. In these tough and uncertain times any form of sponsorship is rare to come by. WestWon have sponsored a full Nike home and away kit.”

David Holley, chairman of the football club and WestWon employee, also speaks on what the sponsorship meant to him.

“It made me so proud to see all 31 teams wearing their brand new kits on match day.”

Additionally, WestWon CEO Jeremy Hall makes a statement on what sponsoring the team means to him.

“Supporting local sports teams also helps to create strong bonds between members of the community and encourages physical activity among young people. So, we are delighted to be able to support the team. Here’s to Burnham Junior U14s Sabre Blue Boys — may you have many successes!”

Contact Us

We are always looking for ways in which we can give back. Please get in touch if you are holding or just aware of any community-based projects in the Buckinghamshire/ Berkshire area! We would love to get involved, give us a call on 01494 611 456, or drop an email to [email protected]

WestWon Donates to Local Infant School

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Here at WestWon, we like to help the local community wherever we can. So whether that be supporting local sports clubs, team tree planting days, or supplying tools to enhance local education, we are committed to making an impact.

Recently, we donated to a local infant school based in Penn, not too far from our offices in High Wycombe. Our donation consisted of supplying the school with laptops to support the children’s digital learning.

Tylers Green First School is a small village school established in 1876 with a strong Eco-School status. A school with similar values to ours resonated with us and we wanted to help at a time when school budgets are tightening.

We believe that access to technology can open up educational opportunities and encourage better learning for students. By providing these laptops, we hope that students at this school can learn in new ways that correlate with the school’s curriculum.

Headteacher of Tylers Green First School, Jude Talbot speaks on what our donation means to them:

“We would very much like to thank WestWon for their kind donation of 12 laptops, complete with accessories and trolley, for the children to use in school.

The laptops are the perfect size for Infant children and will therefore be used in class every day.  We have a very demanding computing curriculum. So the addition of these laptops will help our children to learn to code!

The children also love making PowerPoints and Year 2 have been busy making PowerPoints. They’ve been all about Florence Nightingale and Mary Seacole, complete with animations and spinning text. As you may have heard, budgets in schools are stretched, and this kind donation has helped us so greatly.”

Contact Us

We are always looking for ways in which we can give back. Please get in touch if you are holding or just aware of any community-based projects in the Buckinghamshire area! We would love to get involved, give us a call on 01494 611 456, or drop an email to [email protected]

What to Expect from the UK Asset Finance Market in 2023

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The UK asset finance market has been steadily growing since the start of the 21st century, and experts predict that this trend will continue well into 2023. In this blog post, we’ll explore what the future holds for asset finance in the UK, including projected growth rates, major players in the market, and key trends to watch out for.

Growth Predictions for 2023

According to recent reports by PwC, the UK asset finance market is expected to grow by a compound annual growth rate (CAGR) of 4.3% from 2020-2023. This would result in a total market size of around £67 billion by the end of 2023. This figure is significantly higher than what was recorded in 2018/19. This is when total assets under management (AUM) were only at £53 billion. These figures suggest that more businesses are taking advantage of asset finance and leasing options. This is to acquire necessary equipment and vehicles for their operations.

Major Players in the Market

The top five lenders in terms of AUM make up over 50% of the total UK asset finance market share as of 2019-2020. Santander leads with a 15% share, followed by Hitachi Capital (13%), Close Brothers Leasing & Asset Finance (12%), Lloyds Banking Group (9%), and Royal Bank of Scotland (7%). These lenders dominate due to their large customer base and expansive product portfolios that they offer across different sectors. Such as transport, hospitality, construction, and agriculture.

Key Trends to Watch Out For

One key trend that is expected to shape the way businesses access asset finance is digitalization. More lenders are offering online financing solutions which provide customers with greater convenience and flexibility. When it comes to obtaining financing for their assets. Additionally, technological advances have made it easier for financiers to analyse data quickly and accurately. This helps them assess creditworthiness faster than ever before. As a result, smaller businesses can now access financing more easily than ever before – something that was once reserved only for larger companies with a good credit rating.  Furthermore, increased competition means that customers can benefit from lower interest rates on their loans compared with what was available a few years ago.

The UK asset finance market is set to grow significantly over the next few years as more businesses take advantage of leasing options offered by leading lenders such as Santander or Hitachi Capital. Digitalization has opened up new possibilities for both lenders and borrowers alike; customers can now access financing quickly and easily while financiers benefit from improved analytics tools when assessing creditworthiness or setting loan rates. All these trends point towards an exciting future for asset finance in 2023!

Contact Us

Do you have growth plans for your business? If so, asset finance is a fast and effective way of catalysing your business growth. Give us a call on 01494 611 456 for asset finance options with industry leading rates! Alternatively, send an email to [email protected] and a member of our expert team will get back to you shortly.

What are the different types of asset finance?

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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]

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WestWon acquires Midas Corporate Finance Limited

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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].

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