How asset finance is helping UK businesses fund their office refurbishments

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The importance of providing a workspace that promotes productivity, creativity, and efficiency is essential to any business. With the changes brought by COVID-19, many UK businesses are currently looking to revamp their office spaces to accommodate their new normal. However, refurbishing your office spaces can be costly and could derail your business if not well-planned. Fortunately, asset finance is helping UK businesses fund their office refurbishments. See why below.

How Asset Finance Can Help Fund Your Office Refurbishment

Using asset finance to fund your office refurbishment project can help you save money and time. Unlike traditional bank loans, asset finance does not require extensive paperwork or a long application process. It is a hassle-free way to acquire capital quickly, enabling you to make necessary renovations to your office space rapidly. Additionally, asset finance allows you to spread the cost of your refurbishment project over a fixed period, so you won’t have to worry about upfront, large lump sum payments.

Benefits of Asset Finance for Your Business

Asset finance is an excellent option for UK businesses that want to acquire assets for their businesses without having to incur large upfront costs. Furthermore, asset finance provides tax benefits and can help your business improve its cash flow management. It can also help your business avoid the risks associated with outdated technology by providing easy access to the latest equipment and software.

Who Can Benefit from Asset Finance?

Many businesses in the UK can benefit from asset finance, including startups, SMEs, large corporations, and public sector organisations. The assets that can be financed under this option include machinery, equipment, vehicles, and technology services. For more information on these finance options please contact a member of our team to find out more.

Office refurbishments can help your business create a more engaging and comfortable workspace for your employees, enhancing productivity and creativity. Funding such projects through asset finance can provide your business with flexibility, tax benefits, and cost management. Whether you are a startup, SME, large corporation or a public sector organisation, asset finance could be an excellent way to fund your office refurbishment project. Therefore, please don’t hesitate to reach out and speak to one of our sales team today to see how asset finance is helping UK businesses fund their office refurbishments.

WestWon Furniture becomes Fit Out Finance!

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WestWon are proud to announce that WestWon’s Furniture division has become Fit Out Finance!

Fit Out Finance is a new UK based business focusing solely on fit outs within the leasing sector. As the furniture and fit out sector is such a large part of leasing, we thought it was only right for there to be a separate division and company in order to give our undivided attention to the amount of business there is.

Introducing Fit Out Finance

Fit Out Finance is one of the first leasing and finance companies in the UK focusing purely on the fitout sector.

Having extensive knowledge in the sector and combining that with the friendly and professional team. We are confident that they will provide an excellent service for you and your business.

Their main focus is in the office refurbishments sector. However, they also provide finance for any business in the restaurant, warehouse and retail sector. Nonetheless, with their broad knowledge, they can provide finance for most businesses in a range of different sectors. Here at Fit Out Finance, we can help you finance your fit out project from a seeding idea all the way through to successful completion and handover.

How are we related?

Fit Out Finance is a trading name of WestWon Limited. We know this will be a positive change and we are excited to expand further into the furniture and fit out sector under the name Fit Out Finance!

The sales team

One of the business development managers, Tracey, has worked in the asset finance and leasing sector for more than a decade. She is a specialist in the sector and joined WestWon in 2016. Since then,  she has dealt with a number of reputable UK fit out companies as well as hundreds of businesses financing their furniture and fit out projects.

On the other hand, business development manager Freya is fairly new to the industry. She joined WestWon in 2021 before moving over to Fit Out Finance at the start of this year. However, despite being new to the industry, she has already built strong relationships with many UK fit out companies. And we can assure you that she would be happy to help you with whatever business project you may need support with.

Why fix on Fit Out Finance?

Here is just a handful of the perks:

  • Fit Out Finance can give you a decision within 24 hours.
  • Industry leading rates starting from 2.5%.
  • With a 95% acceptance rate, they are more likely to take you in under their wing even if others have refused you.
  • They will deliver your fit out requirement with a 5* customer service.
  • They will administer you with a dedicated account manager, who will be able to provide you with a fast, professional and excellent service.

What does this mean for existing furniture and fit out customers of ours?

Most of you will probably be more familiar with WestWon. And don’t worry, with the launch of Fit Out Finance we will continue to provide you with a matched high level of professional and outstanding customer service. The only difference being our brand is now tailored to your furniture and fit out needs. In sum, besides the rebranding, there is no decisive change that will impact your relationship with us. We know this will be a positive change and we cannot wait to expand further into the furniture and fit out sector under Fit Out Finance!

Take me to the website!

Why lease for your office furniture and fit-out business?

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Benefits of leasing for your office furniture and fit-out business

There are several benefits of leasing in regards to your office furniture and fit-out business. Many of which are key reasons why businesses turn to financing their equipment. These include; significant tax benefits and flexible rental terms generally over two to five years. You can also pay for the interior project over its useful life and not all in one go. You can also preserve existing lines of credit, and leasing makes monthly budgeting easier, meaning you do not compromise your interior project due to budget constraints.

Why choose WestWon?

Here at WestWon one of the things we pride ourselves on the most is the range of assets we can finance. In the office furniture and equipment sector we are no different. From modern desks and coffee machines to IT systems and commercial printers. One of the many good things about leasing in this sector is that because every office and client is different, we can easily tailor our agreement to your business. Financing an interior project is usually one of the largest projects that you and your business will invest in. So making sure you have the right process in place can be difficult to find. Financing all aspects of a project is essential, especially when this is an interior project.

Wanting to make your work space the best it can be is so important. So financing all the right equipment all in one place can be hard. However, at WestWon you can finance all these aspects of an interior project. This includes; office furniture, fit out and renovation costs, audio visual and other infrastructure and dilapidation expenses. It also includes HVAC, mechanical and electrical engineering as well as office partitioning (floors and ceilings).

Contact Us

If you are interested in leasing office furniture or equipment and would like to have a chat with a member of the team, contact us on 01494 611 456 or email [email protected]. You can also see more over on our LinkedIn page.

A £500,000 office furniture and fit out project

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A £500,000 office furniture and fit out project for £1.00 per square foot

We have recently quoted leasing figures on a £1/2 million office furniture and fit out project. The client is looking to sign a lease on a 10,000 square foot building.

We were asked for an indicative leasing quote based on a five-year term, the rental – as a rough guide – comes to £10,000.00+VAT per month.

Together with the office fit out supplier, we have built a sales strategy around £1.00 per square foot per month.

Breaking the capital cost down to the lowest common denominator

This strategy is nothing new, Olivetti (a famous IT manufacturer from many years ago) did exactly the same. They would take the rental cost of their computers and then illustrate this cost as a daily amount, a policy expressed in their saying; “it’s less than the cost of a cup of coffee every day.”

By dividing the £1/2 million cost by the square feet, and then again amortising this on a lease over five years, we have been able to break the capital cost down to the lowest common denominator.

A 20 x 25-foot meeting room becomes £500.00 per month.  Assuming there are fifty meetings in this room every month, and the cost per meeting is £10.00. Likewise, if an employee has equivalent to 100 square feet of space, then you can attribute a £100.00 cost to them every month.

Allocating office furniture and fit out costs to departments

Many years ago, we were looking to arrange a lease for a very well-known airline. They needed to allocate costs per department / division. One of their key criteria was the ease of changing departments costs. For example, the finance department contracts in space and the marketing department expands. When you have a cost per square foot per month, it is much easier to allocate these payments.

You do not have to lease office furniture and fit out to allocate payments and budget effectively

It is true, you do not have to lease to allocate departmental costs. You could just take the capital cost and divide it by the number of square feet. However there is also the cost of finance. Over five years, your internal cost of finance may go up or down.

There also might be a sperate cost for maintenance of these assets, warranty and the most popular cost now, disposal. All these costs can be included into a lease. This gives a true cost of ownership per month or per square foot.

Why do large cash rich companies lease?

If you ask most companies why they lease, they will say for cash flow reasons. It can be that the company does not have the cash currently, that they wish to preserve their cash or do not wish to use an overdraft or loan facility.

For the larger companies who do have cash reserves, budgeting and allocation of the true costs, this does play a major part in decision making when it comes to leasing.

Companies large and small lease office furniture and fit out

Our office furniture and fit out customers are both large and small companies leasing for a whole variety of reasons. Please call our sales team on 01494 611 456 if we can help with your office move, or for any further information email us on [email protected] .

Make the most of Furniture and Fit Out Finance

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Heading back to work in a new office? Make the most of Furniture and Fit Out Finance through WestWon.

As a result of the pandemic many businesses have had to adapt and work remotely. However, now things are looking more hopeful for all of us. Offices are slowly beginning to refill and resuming with “business as usual”. For companies who are returning to existing premises, the offices might look a bit tired, needing a renovation to dust the Covid cobwebs away and start afresh. Your company may be moving to new premises, for example, where tenancies have ended during lockdowns. Moving to a new premises, you may need to make superficial changes to make it more ‘your business’ and in line with your company culture.’ This is where you can make the most of furniture and fit out finance at WestWon.

On the other hand other companies have been forced to downsize due to the recession caused by multiple lockdowns and unemployment. Relocating is on the mind for many. However, this involves expenses such as fit out costs, preliminaries, surveys, design costs, electrical and decorating fees. All these costs during unsure times can cause businesses unwanted stresses and headaches. No matter your situation, WestWon are here to help support your business with finance products for these expenditures.

How does it work?

It’s very simple. Once you speak to a supplier and have received their quote, contact WestWon. We will then provide you with a free no obligation fit out leasing quote. After being contacted, WestWon will look to obtain a credit acceptance within 72 hours. This leads to a signed rental agreement by you. On return, your equipment is ordered and delivered and your rental starts only when a delivery confirmation is received.

How can WestWon help?

There are many benefits of office furniture and fit out finance and here at WestWon we offer all of them along with 5* customer service.

  • Keep funds in the business that are able to be used elsewhere within the company eg by recruitment (cash flow)
  • Alternative funding lines – there is no need to use up an existing bank facility, save it for a rainy day
  • The latest equipment – it is important for your business to have the latest technology on hand. Therefore when you replace equipment at the end of a lease term, it implements a recycling strategy
  • When dealing with rental agreements VAT is paid on the rentals, not in full and upfront.
  • Pay for equipment as you use it which is the same when paying employees. You do it all at once and upfront for office furniture as it is used
  • Tax planning – when using a lease rental agreement, 100% of that rental is then deductible against your company’s corporation tax

Contact Us

If you are interested in leasing office equipment and would like to have a chat with a member of the team, contact us on 01494 611 456 or email [email protected]

 

Garden office pod finance

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The market for garden and home offices has exploded since March. One supplier we have just spoken to has stopped all advertising, they cannot keep up with demand and are busily recruiting new installers.

Garden office pods – as these home offices are typically referred to – is the latest must have for business owners. Even though available on Google from £3,000.00 + VAT, many business owners are spending between £20,000 and £40,000, and some buildings costing as much as £75,000. Kitchens, bathrooms, a meeting room and office space are a prerequisite for companies with a small team of people.

Two key questions are being asked:  Who pays and how are they financed?

Who pays? – is this an asset financed in a personal capacity or paid for by a company? It seems that there is a mixture of both. Buying in a company name is a legitimate business expense, even though they are located at the home of the business owner.

How? – Individuals and companies have been paying for garden office pods as a cash purchase.

Garden office pod finance and leasing

However, things are changing. It is now possible to lease a garden office pod for business use. There are some really good benefits to this:

  • The company can reclaim the VAT on rentals
  • Leasing a garden pod ensures you can get full tax relief on all the rentals, over the three or five year lease term you can fully amortise the cost of the building
  • You pay for the garden chalet as you use it, the same as you would do paying rent for an office
  • You do not have to fund the cost by cash upfront

How leasing and finance is helping people buy a garden office pod

The key issue why companies are not looking at a garden office is normally due to the fact they cannot fund the £10,000 to £75,000 cost out of cash flow. Leasing overcomes this issue.

As an example, a £25,000+VAT building would cost about £550 +VAT per month over five years. Significantly less than paying a third-party company rent, rates and service charges, as well as time and travel expenses. The fact that all companies will look to take ownership at the end of the lease period is a key factor.

Can you lease an office pod for a private individual?

No, leasing is only available to companies. Private individuals would have to use their own money or take out a personal loan / extension to a mortgage.

Can you lease a garden office pod even though you have another office / warehouse / factory?

Yes, we are leasing office pods to companies where the director(s) wish to work from home a few days per week.

How does the process of leasing an office garden pod work?

You choose the supplier and office pod design.

You would still need to ensure you have all the correct planning applications – if appropriate – in place. It may be such there are restrictions on you or your colleagues working from the home environment.

We then take the supplier quote and will provide you with a leasing quote.

We arrange for the leasing credit to be put in place and send you lease paperwork.

The supplier then installs the building, they will require a deposit which will be refunded to you when the lease agreement goes live at the point of completion.

Our funder will pay the supplier invoice and then you make a regular monthly lease repayment, normally over three to five years depending on your budget.

Overall, it is a very simple process.

Who will finance or arrange leasing on a garden office pod?

We do. Please call WestWon on 01494 611 456 for more information and a formal lease quote.

Margolis Office Interiors Partnered with WestWon Limited

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Furniture Fit Out Finance

WestWon Limited are delighted to announce our long existing partnership with Margolis Office Interiors. WestWon have been working alongside Margolis for over 7 years by providing their customers with a fantastic leasing option.

Margolis Office Interiors is a specialist office design, refurbishment, fit-out and furniture company. Constructing innovative and outstanding office environments.

Established in 1911, their team has an excellent track record for designing and installing high profile and functional work-spaces. From office desks, chairs to office partition walls and suspended ceilings, through to final fixtures and fittings, an experienced and versatile one-stop shop for your office interior project. Read more

Advantages of Leasing Office Equipment

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Advantages of Leasing Office Equipment Whether you are a brand-new business and cash is low or an established business looking to not tie up all your cash in office equipment, you are in the correct place. When it comes to leasing, some may question it and not really understand the advantages of leasing office equipment. […]

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Lease Office Furniture UK – Current Office Furniture Trends

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Lease Office Furniture UK – Current Office Furniture Trends Many companies are keen to introduce quirky and trendy furnishing to their office space. It is very important that as a business owner your office space is warm, friendly and inviting for all your employees. Unfortunately, keeping up to date with the current trends can be […]

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2 Seater Club Reception & Office Furniture Equipment: Lease cost £578.14/Monthly

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WestWon provided a company based in Reading with a lease agreement for 2 2 Seater Club Reception – Black Leather via a WestWon Partner who supplies 2 Seater Club Reception – Black Leather equipment.

Capital Cost: £23,955.44 ex. VAT

Lease Rental: £578.14 ex. VAT

Payment Frequency: Monthly
Lease Period: 5 Years

ManufacturerModelDescriptionPart No.Quantity
2 Seater Club Reception – Black Leather2
4 Person Bench Desk 280 x 163cm2
4 Person Bench Desk 240 x 163cm1
Under desk mobile pedestal 42 x 59 x 60cm12
Acrylic Screen frosted white 140 x 38cm4
Acrylic Screen frosted white 120 x 38cm2
Task Exec Chair Mesh Back Black Gloss12
Oval Meeting Table 200 x 110cm1
Meeting Room Chair, black Mesh & fabric6
6 Person Bench Desk 420 x 163cm1
2 Person Bench Desk 140 x 163cm3
L Shaped Desk 160 x 160cm incl modesty panel2
Under desk mobile pedestal 42 x 59 x 60cm14
Acrylic Screens frosted white 140 x 38cm5
Task Exec Chair Mesh back, black gloss14
Flip Top Meeting Table 460 x 140cm1
Meeting Room Credenza 160 x 48cm1
Meeting Room Chair black mesh, black fabric12

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01494 611 456

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