Cambridgeshire Companies Embrace Local Leasing To Drive Growth

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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.

 leasing companies in Cambridge  Cambridgeshire leasing

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Cash Flow Is A Growing Issue For SMEs

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According to new research by the Asset Based Finance Association (ABFA), over the past year small businesses must wait 23 days longer on average for payment compared to larger companies. The figures show that companies with a turnover of less than £1 million have waited an average of 71 days to receive payment, while those with a turnover of more than £500 million were paid in an average of 48 days.

Two in five small firms cite ‘invoice lost or not received’ as the excuse they were given for late payment. And worryingly, one in three is being forced to write off bad debts every year.

This is despite the Government putting pressure on big firms to sign up to the Prompt Payment Code (PPC):  in fact, the current wait of 71 days for small businesses is a week longer than in 2006.

The PPC was set up in 2008 to improve small firm’s stability by helping them recover the billions of pounds owed to them in late payments more quickly. It is a voluntary register of almost 1,700 UK companies that have committed to pay invoices in accordance with contracts. But there are no sanctions for breaching the code.

ABFA Chief Executive Jeff Longhurst said, “These figures highlight that the relationship between some big businesses and smaller companies has become even more unbalanced since the credit crunch. It is alarming to see how much longer small and medium sized firms are waiting to receive payment compared with just a few years ago.”

Phil Orford, Chief Executive of the Forum of Private Business said, “Late payment continues to escalate in size and impact on small businesses. With companies facing sizeable cost increases over auto-enrolment of staff into pensions, we need to make sure cash flow is as good as possible.

WestWon CEO Jeremy Hall commented, “On-going issues with late payments and the knock on effect on cash flow is putting some small businesses in financial difficulties and it certainly makes it more difficult to make the investments they need in the recovery economy.

“At the same time we have seen a growth in the number of small businesses seeing equipment leasing as a vital financial tool in their kitbag. Asset-based finance enables them to spread the cost of essential capital investments over time, rather than having to tie up large sums of capital upfront – and given the current climate, they may well need the flexibility to deploy available funds elsewhere.”

Research from bank transfer service BACs revealed in July 14 that late payment debt is now £40 billion, up from £30 billion last summer. The forthcoming  Small Business enterprise and Employment Bill will legislate for greater transparency of payment practices, with large companies required to publish their practices and how they perform against them. But whether this will be sufficient to tackle what is a huge issue for the recovery and small business investment remains to be seen.

Worcestershire Businesses Benefit From Local Equipment Leasing Options

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The Federation of Small Businesses (FSB) has reported that two thirds of small firms expect to grow in the next 12 months and one in four plan to increase the amount of investment in their business. This national picture is also being born out locally in Worcestershire, where WestWon Limited is helping organisations of all sizes to achieve their growth plans through tax efficient lease agreements.

As a largely rural area, Worcestershire is home to countless food and drink producers, including makers of wine, real ale, cider and perry, as well as organic foods including meat, farm produce and cheese. These are the types of small businesses that form the bedrock of the local economy and Worcestershire’s location in the heart of England and excellent transport links also make the county extremely accessible for both business and pleasure. Birmingham International Airport is nearby and Worcestershire also has excellent road links to the major motorways (M5, M6, M40, M42, M50).

One of the fastest growing and most popular ways for businesses in Worcestershire to finance their investment in equipment and technology is through a lease agreement. Leasing allows all sorts of retailers, manufacturers, doctors, dentists, opticians, hotels, health clubs, restaurants and food production companies in the county to easily upgrade technology and avoid equipment obsolescence.

As well as the ability to frequently update specialist equipment without tying up available cash, a leasing scheme can offer considerable tax benefits. From IT equipment or medical technology to an entire office refurbishment, a wide range of specialist equipment can be leased as well as entire projects. Other lease options include furniture, computers, security systems and even maintenance agreements. Any combination of equipment and technology can be chosen from multiple suppliers for a single lease agreement.

With over 10 years of experience in serving businesses in the Worcestershire area providing great rate leasing deals in towns like Bromsgrove, Kidderminster, Malvern, Redditch and Worcester. WestWon is a leasing company that possesses valuable local knowledge to help companies find the right leasing solution for their particular business and has a comprehensive list of local leasing suppliers and partners. In fact, WestWon has over 180 local leasing partner manufacturers and suppliers throughout the county of Worcestershire, including nearly 40 in Redditch and 40 in Worcester, and works with many of the 330 schools in the area as well to provide iPads and tablets for education.

WestWon Limited can provide asset finance solutions for a variety of organisations in Worcestershire. For more information, download the Essential Guide to Leasing for Business.

Tailored Local Leasing Agreements Help Cumbrian Companies Thrive

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England’s second largest county, Cumbria, boasts a thriving local economy and a rich variety of businesses, from international corporations to SMEs. Indeed, Carlisle boasts a vibrant mix of industry sectors, from logistics to retail and tourism, while Barrow-in-Furness is home to specialist manufacturers, energy industries and software engineers.

As the economy starts to pick up, more and more companies throughout the county are increasingly investing in capital equipment to drive their businesses forward with the help of  leasing solutions provided by local leasing companies.

Equipment leasing is one of the fastest growing and most popular ways for businesses in Cumbria to finance their investment in technology. Leasing allows all sorts of retailers, manufacturers, laboratories, opticians, health clubs, restaurants and construction companies in the county of Cumbria to easily upgrade technology and avoid equipment obsolescence.

From IT equipment or medical technology to an entire office refurbishment, a wide range of specialist equipment can be leased as well as entire projects. Other lease options include furniture, computers, security systems, manufacturing systems and even maintenance agreements. In fact, almost any type of tangible equipment can be considered for leasing. Equipment can also be sourced from multiple suppliers.

If essential equipment needs replacing urgently, leasing can offer a fast and efficient solution to keep a business going and avoid any loss of revenue. Arranging a lease is usually very straightforward. In fact, arranging a lease agreement can be less complicated than applying for a loan. It can also offer considerable tax benefits.

With years of experience in serving businesses in Cumbria, WestWon possesses valuable local knowledge to help Cumbrian companies find the right leasing solution for their particular business and has a comprehensive list of local suppliers. In fact, WestWon has over 65 partner manufacturers and suppliers throughout Cumbria, including 14 in Carlisle, 8 in Kendal, 8 in Penrith and 5 in Windmere. WestWon Education also offers specialist education lease funding for the 332 schools in the region.

For more advice on leasing, download your free Essential Guide to Leasing for Business.

 

Equipment Leasing Can Keep Your Finances As Well As Your Clients In Shape

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Keeping up with the latest fitness or beauty equipment can be an expensive challenge for established gyms, spas, hair salons and health clubs. For new leisure businesses starting out, the initial out lay on equipment and fitting out the venue, not to mention advertising and staff costs, can be almost overwhelming. However, leasing gym and beauty salon equipment provides the perfect solution for new and established businesses of all sizes.

More and more businesses in the health and beauty industries are turning to leasing as an alternative to buying, and with very good reason. By leasing assets you can improve your cash flow by keeping your working capital free. This leaves you with funds available for more pressing requirements such as staff salaries, promotional materials or new business opportunities.

No one wants to work out in a gym with outdated equipment or visit a beauty salon that doesn’t offer the latest treatments. With leasing, equipment can be added or upgraded at any time during the lease period without having to repurchase, so you will always have the most up-to-date equipment to ensure your business stays ahead of the game. This means you will never be left with obsolete equipment in a way that would not be possible with an outright purchase.

Choosing a leasing scheme also gives you a greater degree of flexibility as lease agreements can be tailored to your exact needs. Agreements can be over an agreed period, for example two years, and repayments can be made monthly, quarterly or annually, by direct debit or invoice, whichever is most convenient. Lease payments can also be set against profit, thereby potentially reducing your tax bill.

What fitness and beauty equipment can be leased?

From a treadmill to the latest laser hair removal system, there is almost no limit to what you can lease. What is more, you can choose any combination of equipment and technology from multiple suppliers for your lease agreement.

Some of the most popular types of equipment leased are:

  • Gym equipment leasing (from treadmills to rowing machines)
  • Changing room lockers and benches leasing
  • Beauty equipment leasing (from IPL lasers to microdermabrasion)
  • Steam rooms and saunas leasing
  • Tanning booths and sun beds leasing
  • Massage chairs leasing
  • Commercial hairdryers leasing
  • Audio/Visual equipment leasing
  • Air conditioning systems leasing
  • Laundry equipment leasing
  • IT hardware and software leasing
  • Telephone systems leasing
  • Furniture leasing
  • Complete salon fit out leasing

For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Equipment Leasing for Business.

 

Devon Businesses Grow By Paying As They Go With Local Leasing

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Consistently voted one of the best places to live in the UK, Devon is also a top place for businesses with some of the best business survival rates in the UK. The county is currently home to over 51,000 VAT registered businesses and the number of patents granted per capita is three times the UK average. What is more, many of these companies are turning to leasing to help develop their businesses without compromising cash flow.

Only two hours from London by train, Devon has seen a 67% growth in its economy over the last decade, which is considerably higher than the UK average of 53%. Add to this, a highly skilled and educated workforce, high employment rates and productivity levels that have grown faster than the national average, it is easy to see why the county is an ideal location for businesses.

With the Annual Investment Allowance (AIA) doubled from £250,000 to £500,000 until the end of 2015 in the Chancellor’s budget, medium-sized businesses in Devon and across the UK are increasing or bringing forward their capital investments in plant and machinery to drive growth and stay at ahead of their competitors.

Leasing has an important role to play, by providing businesses with the opportunity to pay for these assets as they use them and keep vital lines of credit free. In terms of technology, IT equipment can become out of date in just three to four years. With a lease agreement, equipment can be added or upgraded without having to repurchase, so a business can always have the most cutting-edge hardware and software.

Many businesses find leasing advantageous from a budgeting standpoint as switching from outright purchase to a lease agreement changes how the equipment is accounted for. Leasing enables the equipment needed to be paid for over a fixed period of time, which helps spread the cost.

As a well established local leasing company, WestWon Limited has a strong presence in Devon and has recently successfully arranged over 30 lease agreements for a variety of businesses in the area. With over 175 partners and suppliers across the county, which includes 27 in Exeter, 31 in Plymouth, 23 in Newton Abbott, 8 in Bideford and 8 in Totnes, the company can offer businesses a tailored local service as well as highly competitive rates. WestWon Education also provides specialist leasing solutions for schools, which are of benefit to the nearly 600 schools in the county.

For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Leasing for Business.

Why Leasing Is A Viable Option For The Public Sector

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Public sector organisations across the UK are striving to improve efficiency, yet are continuously being expected to deliver more with less. With ever increasing pressure on budgets and the ongoing need to reduce levels of expenditure, leasing can provide a vital and flexible solution.

Whether operating within education, healthcare, housing or local government, leasing allows public sector organisations to deliver projects now without the restrictions of annual budgets and by spreading the cost over a period of time.

Leasing can deliver real cost savings as it means organisations do not have to pay full price for an asset that may only be used for a few years. For example, IT equipment can become out of date in just three to four years. With a lease agreement, equipment can be added or upgraded without having to repurchase, so you will always have the most up-to-date hardware and software.

The lease itself can be tailored to suit your specific requirements. Agreements can be over an agreed period, for example two years, and repayments can be made monthly, quarterly or annually, by direct debit or invoice, whichever is most convenient.

Leasing is also an attractive from a budgeting standpoint as switching from outright purchase to a lease agreement changes how assets are accounted for. A unique feature of leasing is that it allows the cost to be allocated to revenue as opposed to a capital budget with obvious benefits for the public sector.

From IT hardware to refuse vehicles, a wide range of equipment and assets can be leased as well as entire projects. Other lease options include furniture, photocopiers, security systems and even maintenance agreements. Plus, there is the added benefit that any combination of equipment and technology can be chosen from multiple suppliers for a single lease agreement.

Some of the most popular equipment leased by public sector organisations include:

  • IT equipment (e.g. PCs, tablets, servers)
  • IT software and licenses
  • Audio/visual equipment
  • Interactive whiteboards
  • Office furniture
  • Telephone systems
  • Printers and photocopiers
  • Projectors
  • Laundry equipment
  • CCTV and security systems
  • Signage
  • Minibuses and vehicles
  • Waste equipment

For more information on leasing for public sector organisations, download the WestWon Public Sector Solutions Fact Sheet.

More Firms Intend To Acquire New Business Equipment Soon Says Lloyds Bank Index

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Business confidence has hit a 20-year high, boosting hopes that the economy will continue to grow strongly this year. Firms across the country expect profits, sales and orders to increase in the next six months, and have the intention to spend more on new equipment after being more cautious during the economic downturn. (read more about equipment leasing)

Optimism has increased in all regions of the UK, (read more about local economies and leasing) among companies of all sizes and sectors, according to the latest Lloyds Bank Business Confidence Index, which surveys 1,500 firms. Since January 2014, the Index has risen 8 points to 53%, which is the fifth time in a row that there has been an increase. The Index is now higher than it was at its peak point of 46 in January 1994.

Expected capital expenditure is on an upward curve with the net balance rising for the fifth survey in a row.  (read more about the benefits of leasing capital equipment) The report shows that a third of businesses (33 per cent) expect to increase their capital expenditure over the next six months while just over one in ten (11 per cent) are planning cutbacks. This results in a net balance of 22 per cent planning to ramp up investment in the second half of the year, which is an increase of six points from January this year and the highest level witnessed since 1994. The net balance has been in positive territory for four consecutive survey periods, for the first time since 2006. (read more about budget changes to the Annual Investment Allowance AIA)

Two in three firms now expect an increase in orders over the next 6 months, with only one in 20 fearing a decline. The balance of firms anticipating greater scope for increasing prices over the next six months has increased marginally by one point to 24 per cent. This is the highest balance since 2008 when it averaged 33 per cent. Firms’ hopes of raising prices may help to underpin their expectations of stronger profits over the next six months

Almost half of all businesses expect to increase sales to Europe, while just 8% think they will sell less.

Almost a third intends to add to staff numbers, suggesting further reductions in unemployment are also on the horizon.

For more information about supporting business growth through leasing, download a free guide now.

 

 

Equipment Leasing Helps Local Cornish Companies Overcome Financial Challenges

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Despite the challenging economic climate, the county of Cornwall has one of the highest increases in SMEs in the UK and an increase in GDP of more than three percentage points. What is more, businesses across the county, particularly in the tourism and farming sectors, are increasingly able to finance their growth plans and invest in capital equipment with the help of flexible equipment and machinery leasing solutions.

With a strong presence in Cornwall, leading finance company WestWon, for example, has successfully arranged lease agreements for businesses in a variety of sectors in the county and has a network of over 85 partners. This includes 7 partners in Redruth, 7 in Falmouth, 6 in Newquay and 10 in Truro and Launceston.

Leasing not only allows businesses to improve performance by acquiring the latest technology without tying up capital or existing lines of credit, but it also protects against future obsolescence – a major issue for IT and computing equipment. Plus, leasing payments offer considerable tax benefits and can even be tailored to match a businesses seasonal cash flow, which is a benefit for many businesses in Cornwall.

Unlike buying, leasing means businesses can pay for an asset as they use it. After an initial payment, a business can start benefiting from the equipment straight away and spread the cost over its useful life.

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
  • Manufacturing equipment (e.g. cutting machines, injection moulding systems)
  • CCTV and security systems
  • Scaffolding and construction equipment
  • Waste and recycling equipment

WestWon is well placed to provide Cornish businesses with a tailored local leasing service and client services managers who can visit a client’s premises to discuss their requirements in person. The company has many years’ experience working with organisations in the private and public sector in Cornwall, helping them source manufacturers and equipment or provide information and quotes on various options. WestWon also provides specialist lease-based funding suitable for the 300 schools in Cornwall.

For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Leasing for Business.

 

Leasing For a New Start Business Explained

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Opening your first restaurant? Launching a gardening business, a hairdressing salon or an interior design store? No doubt about it, setting up a new start company is for many a dream come true. But as any SME entrepreneur will verify, it takes a huge amount of time planning and thought – not forgetting the all-important upfront capital to fund the dream…

Tracking down premises, staff and equipment suppliers are often some of the first hurdles you have to jump over. And then that big question, how do you finance it? Whilst a friendly bank manager may lend a helping hand, many new start business owners turn to a leasing company for assistance. And for those new to the world of business this can be a daunting task.

How Can A New Start-Up Company Find The Best Leasing Options?

There are over 1,000 leasing companies in the UK alone, but many of them are specialists or simply just do not work with new start companies. The reasons are simple, research over many years has illustrated that the majority of new start companies do not make it to their third anniversary.

A quick search on the internet will turn up a list of names, some claiming to offer 98% acceptance rates and other purporting to be experts in new start business finance. But in truth, the majority of asset finance companies and leasing companies will turn down a new start company without asking even the most basic of questions.

However, WestWon has  a long track record in helping new start companies and takes pride in helping budding entrepreneurs get off the launchpad and into business orbit. There is nothing more rewarding than providing a lease for a person or team setting out on the road of self-employment and becoming that company’s preferred supplier of lease finance over the years to come.

Obtaining Your New Business Lease Deal

One of the first questions we ask is “are you a home owner?” Most banks will expect you to be a home owner and will turn you down if you are not.  Other things to think about are:

  • Do you have a business plan?
  • Why do you need the equipment?
  • Does the equipment you need have a good resale value?
  • Have you received a discount on the RRP of the equipment you wish to lease?
  • What level of investment have you made in your business?
  • What is your personal background?

Obtaining a credit acceptance for a new start company is not always easy – contrary to what some leasing companies may say. However, by asking the right questions we are often able to present and your new start business in a very positive light – an important step in securing funding.

Start Up Finance For A Restaurant and Leasing For Gym Equipment

As an example, WestWon recently organised a lease agreement for over £250,000 to a new start restaurant at one end of the scale and at the other, running machines for someone setting up a new gym. Over the years, we have financed everything from a computer to a warehouse fit out for new start companies.

What Lease Rates Can A New Start Company Get?

Rates will depend on the asset you wish to finance and the support you can offer, such as a personal guarantee or deposit. The rates will also be reliant on the term of the lease and how much you are borrowing. Typically, the more you borrow, the cheaper it is.

Some companies on the internet advertise headline offer rates from 3%. New start SMEs should not expect for one minute to get these rates. Even large, well-established larger companies buying assets with excellent resale values often do not get these rates. For smaller lease deals under £10,000, typically over three years, lease rates will typically start at around 12%. It sounds a lot when base rates are at 0.5%, but these rates are based on risk profiles of new start companies.

Our job as a leasing company is to find you the cheapest lease price and an agreement that is suitable and appropriate for your business. We do this by listening to you and your plans. Hopefully, we will be there with you on what will be an exciting journey of business growth.

For more information about leasing for business, download your free copy of Guide To Leasing For Business

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