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 In terms of technology, IT equipment can become out of date in just three to four years.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.