Paying upfront for equipment or an asset can be a significant drain on the working capital for most businesses. Leasing is fast becoming one of the most popular ways to finance equipment across the UK and this is particularly evident in Cheshire, where leading local leasing company WestWon has recently arranged 40 lease agreements for a variety of businesses.
One of the UK’s most significant growth locations, Cheshire hosts an exceptional private sector research and industrial base, including world-class businesses. A high proportion of companies are engaged in knowledge and technology activity. In fact, the area is in the top 10 in England for the percentage of employment in high and medium technology production and the knowledge economy.
Leasing provides these and many other businesses with an alternative funding, which enables banking and overdraft lines to be kept free for any future cash flow issues or unexpected problems. And lease payments can often be set against profit, thereby potentially reducing tax bills.
Unlike buying, leasing means companies can pay as they use. After an initial payment, you can start using the equipment straight away and spread the cost over its useful life, so you can be paying for the asset with the income it generates. Plus, you have the ability to simply upgrade or expand equipment as and when the need arises, so you can always have the latest technology.
The lease itself can be tailored to suit the business. 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. You can also source equipment from multiple suppliers.
From IT equipment or manufacturing systems 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.
WestWon Limited has many years’ experience working with organisations in the private and public sector in Cheshire, helping them source manufacturers and equipment as well as arranging flexible lease agreements. The company is well placed to provide businesses with a tailored local service with over 400 partners and suppliers in the county, which includes over 55 in Chester and Altrincham, 85 in Stockport, 65 in Warrington and 27 in Crewe.
For more advice on leasing, download your free Essential Guide to Local Leasing for Business.