The rising interest rates and the knock-on-effect on leasing

/0 Comments/in /by

As you are most likely already aware, interest rates across the country are increasing. This is a result of the country’s efforts to combat the growing inflation worries. This is why you will now see that the cost of borrowing is increasing from historic lows.

How does this effect leasing?

Unfortunately, the asset finance sector is not immune from these interest rate increases. We are seeing nearly all funders increase their rates because of this.

At the time of writing, the Bank of England has raised interest rates six times since December 2021. And as of last week, they announced a 0.5% increase, bringing interest rates to a staggering level of 1.75%. But it is not expected to stop there, further rises have been predicted in the country’s battle against the surging cost of living.

With finance companies’ costs of funds increasing, they have been left with no other option than to increase their own interest rates. So please bear in mind that any finance quotation that you might have received in the past could now be invalid. Historically, these could be valid indefinitely as the market was stable, this is now not the case. Therefore, your finance quotation will be subject to change should interest rates alter.

I am looking to lease now, what should I do?

If you’re looking at financing any equipment purchases, we’d recommend you bringing forward these purchases to lock in interest prices now and avoid higher borrowing costs moving forwards.

Rest-assured, interest rates are fixed throughout the term of the lease agreement. This means you have the comfort of knowing your rental will not change once the agreement has been activated.

However, please note that customers’ pricing is only locked in once the agreement is activated. Some finance companies will honour pricing at the time of acceptance, but some only give 48 hours’ notice before a price increase is implemented.

Contact Us

Should you have any questions on interest rates, or interested in leasing for your business, please get in touch. We have an experienced and friendly team on hand to answer any questions you may have. We can even provide you with a FREE no obligation quote. Call us on 01494 611 456. Or drop an email to [email protected].

WestWon selected as finalists for TWO Buckinghamshire Business Awards

/0 Comments/in , /by

We are delighted to announce that we have been nominated as finalists for two award categories for the Buckinghamshire Business Awards. Both award categories are causes close to our hearts and we are flattered to have gained recognition for our efforts towards them. Read on to find out what we have been working towards!

Our Ongoing Journey to Net Zero

Here at WestWon we are passionate about restoring the health of our planet. As of the start of this year we implemented our WestWon Woodland initiative. This works by us having a tree planted for every month of a finance agreement made through any of the immediate WestWon family. This includes WestWon, WestWon Dental, Fit Out Finance and VAT Loans. For example, for a 5-year finance agreement that is 60 trees planted in the WestWon Woodland!

So far, the WestWon Woodland consists of 13,815 flourishing trees across the globe! This means that we are on target to reaching our ultimate goal of 100,000 trees by 2026 and thus removing 7,500 tonnes of carbon from our atmosphere!

Watch the WestWon Woodland grow here!

 

In addition to this, we are proud to call ourselves a climate positive company. This means that all WestWon employee emissions are offset through various climate positive projects and tree planting around the world.

Not only this but we also ensure that as a company we act as sustainably as possible. Here are some ways by which we try to do our bit in-house:

  • LED lighting is installed throughout the office
  • WestWon are a paperless office where possible and any paper that we do use is made from 100% recycled material
  • We have insulated ceiling tiles as well as the thickest carpet tiles to reduce our energy consumption
  • Recycling bins are located on every floor of the office encouraging employees to recycle at work as well as at home
  • Introduction of electric company cars
  • No gas is used in the offices
  • Outsourced data centre that is powered by solar to house our IT systems

Kickstarting Careers

We also strongly believe in getting young people on a career path and many of our past and present employees can exemplify this. Did you know that George, our commercial director joined at the age of just 20? Furthermore, our top salesperson Royah, joined at age 23. Both George and Royah are now coming up to their 10-year WestWon anniversary and look forward to their bright future with the company. More recently, in 2021, we welcomed 6 fresh faces to the team onboard, all under the age of 23.

Here at WestWon we believe it to be imperative to equip our employees with the skills needed to elevate their careers. Some have even gone on to use these skills to build their own businesses and we love to see it!

You can see some examples of WestWon employee journeys here.

Consequently, because of our principles above, we have been nominated for Net Zero Buckinghamshire Business of the year, sponsored by Handelsbanken. In addition to the Apprentice & Young Person Employer of the year, sponsored by Buckinghamshire Council. We would like to congratulate all fellow finalists and look forward to meeting at the Awards ceremony in September!

Become part of a company that cares – Get In Touch

Are you an enthusiastic, capable, thoughtful, and energetic individual looking to become a high earner? If so, head over to our careers page to find out more about our current vacancies. If you are interested in joining our dynamic and friendly team, please send your CV to [email protected]. Or just for a private chat regarding the role, feel free to give us a call on 01494 611 456.

Advantages of sale and leaseback on equipment

/0 Comments/in , /by

Advantages of sale and leaseback

At WestWon, we have written hundreds of sale and leaseback leasing agreements on numerous asset types. If you are looking to carry out a sale and leaseback agreement, please contact us! However, to learn more about the benefits, please read below. Here we take a look at the advantages of sale and leaseback on equipment:

• A quick and simple way to raise finance

The process is simple and the timescale can be anything from 48 hours to one week before your receive the cash.

• Sensible interest rates

With a sale and leaseback of equipment, we take our security in the asset. This is less risk than offering an unsecured loan, hence the interest rates are normally cheaper.

• Does not use up existing lines of credit

No need for you to speak to your Bank. A sale and leaseback does not affect any invoice discounting / factoring arrangements you already have in place.

• It’s a lease, not a bank funding line

Some companies have banking covenants where they cannot take out other third-party loans. We will lease the equipment back to you, hence it does not fall foul to any restrictions like this that you might have.

• You still have full use of the asset

You will still have full use of the equipment and will be matching the benefit you derive to the repayment you make each month. On smaller deals (under £500k) we will not look to take a debenture or a second charge.

What can we use the money for and do you (WestWon) need to know why?

Working capital, management buyouts, deposits, new buildings… the list goes on. If it’s a management buyout or acquisition, you can read more in our article on “Raising funds for a management buyout or acquisition by a sale and leaseback (coming soon).”

We really do need to know the reason why you are looking to undertake a sale and lease back. We often do see companies looking to do a sale and leaseback to raise money as a last resort. Leasing companies do not like to lend in these situations.

How does the money come to you?

The leasing company / finance company will pay you directly by bank transfer.

What assets can you do a sale and leaseback on?

  • Plant and machinery
  • Company cars, lorries, vehicles are a popular asset choice
  • General equipment
  • Warehouse racking, forklift trucks

The list goes on…

Contact Us

If you would like more information on the advantages of sale and leaseback, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on [email protected], or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

Top 5 myths about getting a business loan

/0 Comments/in , /by

You need perfect credit

One of the most important misconceptions of our top 5 myths about getting a business loan, is that you need perfect credit. This isn’t always the case. Many people assume that if your credit history is not perfect, there is no point in trying to apply for a loan. Being credit accepted is something that can still happen even with non-perfect credit.

Here at WestWon we will never not try for a business to be credit accepted, which is why we have a 95% acceptance rate. We will try several funders if it means getting the right agreement for you and your company. However, if we cannot get you credit cleared, we can provide you with alternative organisations that may be able to help. We are also always on hand to offer financial advice, free of charge!

A loan is for businesses in trouble

Another common myth is that a business only applies for a loan if they are in trouble. This is certainly not the case. There are many businesses out there, especially after Covid that have needed financial help. However, there are also many companies that use a loan as a form of investment and growth. This is what we see it as here at WestWon. It can be used for a range of investment purposes. This includes expanding to hire new people, office refurbishment costs, new equipment or simply to boost your business’ cash flow.

It takes a long time to get a loan

Especially in times before Covid it would be difficult to immediately have documents sent over and signed. However, nowadays that process is much faster. Here at WestWon we operate in the same way a lot of other finance companies may do, in that we will get back to you within a 24-hour period, and it normally doesn’t take longer than 48 hours to get credit approved. The process after this is very simple and straightforward meaning it won’t be long before your agreement is activated.

Banks are the best option

Banks used to be the main source of funding for a lot of companies. However, now it is essential that you do your research. Not every company is the same. Therefore, not all finance facilities will be needed by each UK business. Also remember that if a bank has said no to you, that this is the only option. In fact, one of the main benefits about leasing is that you use an alternative line of funding. This is so that you don’t use up an existing bank facility.

There is tons of interest and hidden fees included

Here at WestWon we are proud to have industry leading rates starting from 2.5%. We make sure there are never any hidden fees or hidden interest included in the agreement you undertake with us. This is not the way most finance companies do business. Transparency between clients, partners and suppliers is essential. Therefore, we will always make sure to be 100% honest and clear with you. If you do have any questions then please get in touch with us using the contact details below.

Contact Us

If you would like more information on our top 5 myths about getting a business loan, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on [email protected], or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

Top tips to manage your business finances

/0 Comments/in , /by

4 top tips for managing your business finances

There are several ways you can manage your business finances. However, in this blog, we will be discussing just 4. If you have any questions regarding business finances, or you would like to learn more, then please contact us. You can do this using our details below. Otherwise, please read on…

  1. Invest in growth

Investing in your business is one of the most important ways you can grow and expand your business. Making sure you invest in the future is essential. If you invest in your growth by setting aside money, your business will never be in trouble. It also shows people that you care about your business. We aren’t just talking about clients and customers here, where they will be impressed and persuaded by the amount of care you are taking in the business. We are also talking about future employees. If they see the amount of dedication that goes into the business, they are more likely to want to work for you. Employment is also essential for the growth and expansion of your business.

  1. Budget well

Budgeting well is the success to some companies, no matter the size of them. Setting up good financial habits early on can improve the health of your business’ cash flow. It can be a very simple process. Taking the time out to look at your cash flow both in and out of the business can only take up a small amount of time but can save you much more in the future. In terms of payment, it can also be a good thing to spread them out. This means you won’t be making large payments in full all at once.

  1. Plan ahead

Another thing to do is to plan ahead. The downfall of many businesses is that they won’t plan for the future or move with the times. Especially nowadays, making sure you plan for anything can be essential. It also comes with a lot of responsibility. For example, the green agenda sweeping the UK at the moment is huge, and sustainability for businesses is on the rise (as it should be). People are starting to think more about how they impact the environment and what they can do to better it. Here at WestWon we are proud of our green initiative to plant a tree for every month of a lease agreement. More about that can be found here.

  1. Do not be afraid of loans

You should never be afraid of taking out loans. If anything, finance and leasing can bring many added benefits to your business. This leads well onto my next point…

How can WestWon help?

Here at WestWon we provide finance for a range of assets, as well as agreements that can be tailored to you and your business. Leasing also offers many added benefits. You can preserve your existing lines of credit for the future, as well as always having the newest equipment. This is through implementing a recycling strategy. You can also protect your cash flow and keep it in the business to be used elsewhere. There are tax benefits as well as 100% of the rental being deductible against your company’s corporation tax.

Contact Us

If you would like more information on how you can manage your business finances, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on [email protected], or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

SME in need of a boost? Inject new life into your business with finance

/0 Comments/in , /by

SME finance is a great way to breathe new life into your business. Here at WestWon, we have provided finance to thousands of SMEs throughout the years. Our aim is to support businesses in their growth, and we have succeeded in helping thousands across the UK.

We can finance pretty much anything from £1,000 to £10m. So, whatever your business wants, or needs may be, rest assured you will be taken care of in our hands.

Why do so many SMEs use finance?

Cash flow health

The benefits financing has upon a company’s cash flow is the primary reason as to why SMEs use it. Finance allows you to disperse the amount of an asset over the course of usually 1-7 years. Therefore, freeing up cash in the business to be used elsewhere!

Easy budgeting

The payments are fixed throughout the payment term. This means it will make it easy for you to cash flow forecast for each month.

Tax advantages

Did you know that all rental repayments are fully deductible against your company’s corporation tax bill?

Alternative source of credit

No need to use up an existing bank facility! Financing through WestWon means you can keep your existing sources of credit in place for other purposes.

Remain competitive

Another reason why so many SMEs use leasing and asset finance is because it allows them to remain competitive within their sector. This is because leasing makes it more affordable to obtain the most recent technologies.

Technology is also ever evolving, meaning that it is constantly deprecating in value. Therefore, by purchasing it outright, you are only setting yourself up for a loss. But, by using an IT refresh cycle, your business can stay modernised. The term duration for this type of agreement can be from 1-5 years. Although most will take out 3-year agreement for this, due to how fast technology is now evolving.

There is no doubt that the standard of advancing technologies we have now, can improve business productivity by miles. Keeping up with the newest technologies can make all the difference in a competitive market. After all, customers will choose the most effective service.

Contact Us

To find a finance option best suited to your business, please don’t hesitate to get in touch. Give us a call on 01494 611 456. Or send an email to [email protected], and a member of our friendly team will get back to you. You can also see more over on our LinkedIn page.

How can finance help you manage your business’ vehicles?

/0 Comments/in , , /by

There are a few different options that allow us to help finance to manage your business’ vehicles here at WestWon. These include hire purchase, finance lease and sale & leaseback. If you would like to read more about these then see below. We can also finance electric vehicles (as well as their charging points) as we know that the future of fleet is evolving fast.

How can finance help you manage your business’ vehicles?

Hire Purchase – this involves financing a vehicle over a term (usually 1-5 years) with fixed monthly payments. These fixed rates ensure they stay the same throughout the agreement term. In terms of budget, this is the best option available to you, because you will know throughout the agreement exactly what you will be paying and when. However, it does depend on the cash flow of your business. Once you have paid the final instalment, and the terms and conditions have been met, the vehicle becomes yours.

Finance Lease – this is a tax efficient way to lease your vehicle. It’s a very efficient type of lease due to its flexibility and its benefit of not having to use other capital resources. The rentals are also fully tax deductible. When the lease agreement has ended, you have two options to choose from. You can either extend the agreement, however this will include a nominal secondary rental fee. Or you can profit from most of the net income from the vehicle.

Sale & Leaseback – there’s less risk with a sale & leaseback as well as it not affecting invoice discounts either. However, a sale & leaseback can only be completed on the basis the vehicle is refunded within 3 months of purchase. This is a crucial point to remember. What’s also different with sale & leaseback, we can lease the vehicle back to you. However, you will still have full use of the vehicle. Monthly payments are all tax deductible.

How can WestWon help?

Here at WestWon we offer a range of finance options. Leasing and finance can offer your business several benefits, and at WestWon with our 5* customer service, industry leading rates and dedicated account manager, we hope to be your first port of call.

Leasing and finance allows you to keep funds in your business and protect your cash flow. There is also no need to use up an existing bank facility and you can always have the latest equipment by implementing a recycling strategy.

There are also tax benefits, as when using a lease rental agreement, 100% of your rental is deductible against your company’s corporation tax. VAT is also paid in the rental rather than in full and upfront. There is also the question of why you are paying for the equipment in advance. You wouldn’t do implement this for your employees, so why do it for your vehicles and other business equipment?

Other assets we can finance

Here at WestWon we can offer finance options for several assets. All of which can be found on our assets we finance page. This includes assets like computers, software, furniture and fit outs, business loans, dentistry, and EV charging points.

In fact, not long ago, we wrote a blog on electric vehicle charging points which we now finance. To read that blog, click here. Alternatively, if you would like any more information on the assets we finance above, or any other services we provide, please reach out using our contact details below.

Contact Us

If you would like more information on how finance can help you manage your business’ vehicles, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on [email protected], or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

Next major green goal achieved!

/0 Comments/in , /by

We have finally achieved our next major green goal of planting 10,000 trees in the WestWon Woodland! We are so proud to have reached this incredible feat and to be continually evolving on our green journey throughout the year. Reaching the milestone of 10,000 trees proves to us that we are one step closer to making a big difference for our planet. We hope that since we have started our green journey we have also been able to share useful tips that you can implement in your own office to help combat the current climate crisis. We can proudly say that we have learnt a lot on our journey! This includes the fact that planting 10,000 trees are equivalent to filling around 130 football pitches! However, we also know that we have a long way to go…

Looking to the future

We at WestWon know we still have a lot of work to do. As you may have seen before, the goals we set for ourselves are ambitious! We are aiming to plant over 100,000 trees in the WestWon Woodland within 5 years. This in turn means we will hope to offset around 7,500 tonnes of CO2 within these 5 years also. As well as the WestWon Woodland we are also implementing other things around the office which we hope will make a small difference within our green agenda.

We have been a paperless office now for over a decade, as well as installed LED lights. We have recycling bins, electric vehicles as company cars, and we encourage staff to walk to work or even use public transport as much as possible. Also, any paper we use is 100% recycled, and this is only used if absolutely necessary. In the future we hope to do much more for the environment. Even if they are small changes, remember they are impactful! If you would like to read more about our WestWon Woodland then you can do so here. This also includes a map of where all our trees are located all around the world!

Clean Air Day

As a part of our green journey, a lot of that is about education. On Thursday last week we were able to attend the Clean Air Day Event at Buckingham University, with Buckinghamshire Business First. We learnt so much about our planet as well as the detrimental impacts air pollution can have on us as individuals. We talked to several small businesses about how they have been mitigating the impacts of climate change, and the green choices they are making in day-to-day business decisions. If you would like more information on this, then please read our latest blog here.

Contact Us

If you would like more information on our next major green goal achieved, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on [email protected], or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

Clean Air Day 2022- let’s clear the air

/0 Comments/in , /by

Today is the day that we bring awareness to our air pollution issues and the dire consequences that it has upon not just the health of the planet, but also humankind and wildlife.

Did you know that dirty air affects 97% of UK homes according to data from 2021? Air pollution affects us all, in and outside of our homes. Air pollution can cause an array of health issues, especially respiratory conditions. Ranging from asthma to lung cancer, the effects are becoming increasingly detrimental to us all. However, according to gov.uk the highest predicted disease to come of consistent exposure to moderate air pollution is coronary heart disease.

What is air pollution and why should we prioritise making it cleaner?

Air pollution happens when toxic gases, smoke and dust join forces with the air that then cause problems for all life on the planet as well as the actual planet itself. In fact, the thinning of the ozone layer was caused by air pollutants that come from manufactured chemicals. And even though UV radiation only accounts for a small percentage of global warming, it is still a component that we can avoid through reducing our use of solvents and propellants. And one of the most common propellants is the infamous CO2.

Carbon dioxide also indirectly impacts levels of carbon pollution through the warming of the planet. And as a result, smog is produced.

Nitrogen levels are also too high, and this has a knock-on-effect upon our wildlife. This is because pollinating insects get confused by its presence in the air and as a result miss out on up to 90% of their plant visits. Therefore, wildlife suffer due to a shortage of their food, nutrients as well as shelter.

What are we doing to reduce CO2 levels?

We have created the WestWon Woodland in our efforts to remove 7,500 of CO2 from the atmosphere by 2027. We are working towards this goal this through the planting of 100,000 trees across the globe. Within 6 months, alongside our customers, we have managed to plant just over 10% of our overall target.

We are also getting involved in an interactive local Business event centred around today. This is so that we can keep well informed of updates and new ways for our business to get involved in making a difference. We believe this will be a great opportunity for us to share green ideas with our local community of businesses.

How can you help?

We hope that our green agenda inspires other businesses to get involved too. No matter the size of your business, we can all help do our bit.

You may feel impotent as an individual with regards to saving the planet. But by applying a green mindset to your business as well as personal decisions, can contribute massively to a much wider impact. And it can not only help protect the planet, but some of these sustainable implementations can actually help you save some cash too.

Here are some budget friendly ways by which you can protect the future of our planet:

 

Renewable energy sourcing

Solar panels are the most cost-effective source of energy, especially considering the recent surge in energy bills. The sun is one of our most abundant sources of energy that isn’t due to go anywhere any time soon. So, you might as well take advantage of the life-giving beams whilst also saving yourself some pennies with incentivising ROIs.

You can read more about renewable energy sourcing here.

Install LED lighting

Similarly, by installing LED lightbulbs you are not only being more energy efficient, but also more cost efficient. LED lightbulbs are 90% more energy efficient than incandescent lightbulbs. Due to the energy and cost savings that they can provide you, they are well worth the consideration if you haven’t already!

Encourage greener commutes

This means perhaps setting incentives, or just generally motivating your employees to make their way to work sustainably. This could be opting towards public transport, walking, cycling, or even carpooling with employees that live nearby.

Alternatively, if possible, offer hybrid or remote working options for your employees. This will save them their trip as a whole!

Go paperless!

Going paperless is a great way for your company to save trees, money, and potentially space. We have been a paperless office for just over 10 years now and have never looked back.

In the new digital age, paper is no longer necessary in many offices where it is still used. Instead, by using cloud-based systems, all documents can be found in one place and no trees are harmed.

You may also find that by using this approach you will create more space that was beforehand used for file storage. And, depending on the volume of physical documents that you store, you may end up freeing up an entire room! This room could be used for a different purpose, or perhaps maybe bring in some extra income through letting it out. Not to mention the money you would save on the paper itself!

Recycling

Introducing a recycling system at the workplace is also a great way to get involved without breaking the bank. This will encourage employees to recycle waste at work as well as at home.

Contact Us

If you would like to learn more about what you can do to help clean our air and how we may be able to support you in doing so please get in touch. Give us a call on 01494 611 456, or send an email to [email protected].

GET IN TOUCH

Contact Us

[email protected]

01494 611 456

PORTAL ACCESS

CORPORATE INFORMATION