The ONS figures for UK GDP published recently show the UK economy growing at 0.8% over quarter one, some 3.1% higher than this time last year. This is being reflected in the local economy in South Hampshire and the Isle of Wight, where confidence amongst local businesses is returning.

Since 2008, the region has witnessed strong private sector jobs growth driven by the development of more knowledge based industries and advanced manufacturing. Other thriving sectors include marine, aerospace and logistics. Tourism is also a vital feature of the area with events such as Cowes Week.

Cash flow, however, remains a concern among the local business community. This is where leasing is offering companies, particularly SMEs, a flexible and tax efficient solution. With highly competitive interest rates and agreements, there is no doubt that leasing is an advantageous alternative to buying new equipment and assets. What is more, almost any type of equipment can be considered for leasing, from IT equipment and office furniture to manufacturing equipment and medical technology.

Leasing enables the cost of equipment to be spread over a fixed period of time – typically two to five years through a series of contractual, tax deductible payments. This leaves funds available to reinvest elsewhere in the business or to cover unexpected costs that may arise. In addition, leasing offers the flexibility to acquire the latest equipment a business requires straight away or quickly respond to an opportunity in the market. Businesses can upgrade or expand their resources easily, as and when the need arises.

Some of the most popular types of equipment leased in the region 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

WestWon Limited has experience of working with organisations in the private and public sector in the Isle of Wight, 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 12 partners and suppliers in the area, which includes 5 in Newport, 4 in Ryde and others in Sandown and Ventnor.

For more advice on leasing, download your free Essential Guide to Leasing for Business.