Appliance and equipment leasing is providing sustenance for thousands of businesses in the hospitality and catering industry. From small start-up coffee shops to well-established restaurants and food manufacturers, more and more companies are discovering the ease and flexibility of leasing catering equipment.
If you need to urgently replace essential catering equipment such as an oven or fryer, leasing can offer a fast and efficient solution to keep your business going and avoid any loss of revenue. Arranging a lease is usually very straightforward. Once you have found the equipment you wish to lease, you will be able to obtain an instant quote and a decision in principle soon after.
Pay as you use with equipment leasing
Unlike buying, leasing means you can pay as you 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 oven or coffee machine.
The lease itself can be tailored to suit your 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. Lease payments can even be tailored to match your seasonal cash flow. You can also source equipment from multiple suppliers and can even include maintenance agreements.
Leasing provides businesses with an alternative new credit line separate from banks, which enables banking and overdraft lines to be kept free for any future cash flow issues or unexpected problems. And lease payments can be set against profit, thereby potentially reducing tax bills.
What can my catering business lease?
From a single item to an entire restaurant and kitchen fit out can be included in one lease agreement. Types of equipment that can be leased include:
- Cooking equipment (e.g. commercial ovens, grills and microwaves)
- Refrigeration units
- Coffee machines
- Food preparation equipment
- Cold rooms
- EPOS and cash registers
- Food display equipment
- Laundry equipment
- Vending machines
- Furniture and counters
For more information on leasing catering equipment, download the WestWon Fact sheet for the Catering Industry.