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 Leicestershire, where leading leasing company WestWon has arranged lease agreements for a variety of businesses.
Leicestershire’s estimated £19bn economy is the largest in the East Midlands. A large proportion of the county’s businesses are small to medium sized enterprises and it is these firms which often have the most need to free up cashflow and access finance. This is where leasing is playing a vital role.
Leasing provides these and many other 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.
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.
Some of the most popular types of equipment leased in Leicestershire 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
With years of experience in serving businesses in the Leicestershire area, from Leicester to Wigston, WestWon possesses valuable local knowledge to help companies find the right leasing solution for their particular business and has a comprehensive list of local suppliers. In fact, WestWon has over 270 partner manufacturers and suppliers throughout the county, including 127 in Leicester, 34 in Loughborough, 17 in Market Harborough and 17 in Caolville.
WestWon Limited can provide asset finance solutions for a variety of businesses in Leicestershire. For more information, download the Essential Guide to Leasing for Business.