Once the heart of the industrial revolution, the county of Derbyshire is now home to some 27,900 businesses and a thriving network of small businesses. Growing numbers of which are turning to leasing to finance their business plans and ensure vital lines of credit are kept free.
Derbyshire’s economy is worth around £10.85bn per year and its central location and excellent transport links, makes it one of the most attractive areas for businesses to locate in the UK. The county boasts a rich manufacturing and engineering sector with giants such as Rolls Royce, Bombadier, Toyota (UK), Nestle and JCB. In fact, manufacturing accounts for almost one fifth of all employment, which is nearly twice the national rate.
Paying upfront for equipment can be a significant drain on the working capital for most Derbyshire businesses, especially SMEs and start ups. With bank lending figures still falling, many businesses are turning to alternative sources of funding such as asset finance and leasing.
More importantly, leasing the latest equipment can also help businesses to increase productivity and, as a result, improve profits. Efficiency is key in the manufacturing process. Old, faulty or broken equipment can all lead to slower production times or periods of downtime.
Leasing allows you to obtain the equipment you need quickly, whether you need to replace, upgrade or expand. With leasing, equipment can be added or upgraded at any time during the lease period without having to repurchase, so you will always have the most up-to-date and efficient equipment to ensure your business stays ahead of the game. You can also source equipment from multiple suppliers and can even include maintenance agreements.
If you need to urgently replace essential equipment, 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. In fact, arranging a lease agreement can be less complicated than applying for a loan. It can also offer considerable tax benefits. With an operating lease, lease ‘rental’ payments are an allowable business expense that can be set against profit – thereby potentially reducing your tax bill.
As a well established leasing broker, WestWon Limited has a strong presence in Derbyshire and has successfully arranged leasing agreements for a variety of businesses in the area. With over 255 partners and suppliers across the county, which includes 74 in Derby, 53 in Chesterfield, 19 in Swadlincote and 18 in Alfreton, the company can offer businesses a tailored local leasing deal as well as highly competitive rates. In the education sector, the company has lease funding services suitable for 500 local schools looking to fund the introduction of tablets into the classroom.
For more advice on leasing, download your free Essential Guide to Leasing for Business