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Equipment Leasing Boom – New Business up by 53%

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Recently released figures the Finance & Leasing Association (FLA) show 31% growth in asset finance new business during September 2014. New business has now reached over £2.5 billion, the highest monthly figure in almost six years. FLA members financed almost 27% of UK investment in machinery, equipment and purchased software in the UK last year.

Leading the charge is business equipment finance, reporting its strongest growth so far this year, with new business up 53% in September compared with the same month in the previous year. Plant and machinery finance, commercial vehicle finance and IT equipment finance were up by 22%, 16% and 15% respectively.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“September saw robust growth across all the key asset finance sectors. New business in the third quarter of this year increased by 21%, three times the rate of growth recorded in the second quarter. These figures clearly show that the asset finance industry, through the provision of leasing and hire purchase, is helping UK businesses to invest and grow.”

The Federation of Small Businesses (FSB) has previously reported that two thirds of small firms expect to grow in the next 12 months and one in four plans to increase the amount of investment in their business. As a leading UK leasing company and FLA member, WestWon is helping organisations of all sizes to achieve their growth plans through the best equipment lease deals for their needs:

 

Key Reasons Why Equipment Leasing Is Growing:
  • Leasing Improves Cash Flow – By making monthly payments over the duration of a lease finance agreement, you can spread the cost over the useful life of your equipment, rather than having to find the capital up front.
  • Leasing Tax Advantages – Regular monthly payments can qualify as a tax deductible trading expense making the acquisition of essential assets more cost-effective.
  • Easier to Upgrade Business Equipment – Technology changes rapidly and avoiding obsolescence is key to staying ahead. With leasing you can enhance or upgrade your equipment as the need arises.
  • Leasing Increases Available Budget – Instead of spending lump sums on rapidly depreciating assets, you can allocate resources to where they’re needed most – giving you the freedom to invest in other areas of your business.
  • Business Equipment Leasing is Flexible – Lease finance agreements can be tailored to suit your particular business requirements and include whatever combination of business equipment and related services you require.
  • Leasing Protects Existing Lines of Credit – Our financing solutions have no effect on your other borrowing options, ensuring you can stay financially flexible.

 

For more information about business equipment leasing options download the Free Guide To Equipment Leasing or contact WestWon on Tel: 01494 611 456

Lease or Buy Your New Office Furniture and Fit Out?

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Leasing office furniture and equipment is a great option for many companies depending on their office equipment and furniture needs, financial situation and line of business.

Often companies do not have or do not wish to tie up capital available to buy office furniture and equipment outright; or to finance a fit out or relocation.  Understandably companies are generally also not keen to tie up crucial bank credit lines for this type of project. Leasing allows them to spread the cost over two, three, four or five years, acquiring the solution that meets their long-term needs rather than that which their current budget and cash flow dictates. It also allows businesses to carry out refurbishments straight away. Lease payments are fixed for the term of the lease – normally 2-5 years – making it easy to budget for a monthly, quarterly or even annual payment and budget accordingly.

However, leasing office equipment and furniture ties businesses into an on-going agreement so it is therefore very important to think carefully about what the office furniture and equipment needs and also about the way the business is likely to develop in the future. Key factors to consider are how often a company relocates, how important is it to keep up with technology changes and is it important to use capital budget for R&D marketing or staff rather than office refits and refurbishments? In these cases, leasing may well be the ideal way to keep the workplace current and to ensure that upgrades can be organised with minimum hassle in the future.

Nowadays, the right workspace – including acoustics, lighting, flooring, decoration and furnishings – play an important role in attracting and retaining the right kind of staff. After all, creating an ergonomic space with appropriate tools for a person to do their job well benefits employers through increased productivity and reduced absenteeism. But innovative, creative spaces normally require new equipment and furniture. With leasing companies can create the exactly right image and environment, deciding exactly what furniture and equipment they want (including a custom build) and have it financed under a lease agreement.

When deciding whether to lease or buy, companies should review their cash reserves, cash flow and credit lines, and ensure they understand the terms and conditions of the lease, for example, what happens at the end of the lease; are upgrades included; required insurance on the equipment as well as early cancellation fees. Understanding exactly what the business needs are and what the purpose of the office equipment, furniture or refit is will help companies to make the right decision.

Download the Office Furniture and Fit Out Brochure for more information about leasing your dream office.

See here for a free Office Move Project Planning Tool

Popular Equipment Leasing Options For Business

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Did you know you can lease almost any type of equipment for your business, often at very keen rates. So if, for example, you’re interested in spreading the cost of new capital investments over their useful life, simply decide what equipment or upgrades you require and ask a leasing company like WestWon for a tailored lease quote. Or why not use our online equipment leasing calculator right now for an instant outline cost?

Popular leasing choices: What are WestWon customers leasing?

IT Equipment Leasing

Leasing IT technology such as computers, tablets, servers, telecoms  and software allows you to improve performance by acquiring the latest technology without tying up capital or existing lines of credit.

Office Furniture and Fit Out Leasing

Leasing is the smart, tax efficient way to create an impressive yet fully functional office environment – without compromising your cash flow. It’s the ideal solution for new business start-ups, office moves or refurbishment projects.

Engineering Equipment Leasing

Whatever construction and engineering equipment, plant and tools you need to obtain or upgrade, WestWon can achieve the best possible asset finance package for your business quickly and simply.

Scientific & Medical Equipment Leasing

Leasing scientific and medical equipment – and fit outs for surgeries and consulting rooms – allows you to update essential assets on a more frequent basis, while keeping vital cash reserves in place.

Processing and Packaging Equipment Leasing

WestWon has provided asset finance for processing machinery for many organisations within the pharmaceutical, chemistry, food, and cosmetics industries, to name but a few.

Waste & Recycling Equipment Leasing

WestWon is a specialist in the waste equipment and recycling machinery lease finance sector and can work with you to find the most effective leasing option for your business needs.

Catering Equipment Leasing

Whether for setting up as a small business, a franchise, a concession or as part of a large organisation, catering equipment leasing  plays an important role in minimising upfront capital costs for essential new and replacement catering equipment.

Leisure Equipment Leasing

Whether for an electrolysis machine, or commercial gym equipment such as rowing machines, asset-based finance enables you to acquire the equipment you need without you spending your valuable cash.

Other Equipment Leasing

Call WestWon Customer Services now on Tel: 01494 611 456 for more information about leasing these popular assets or any other type of equipment for business.

Everything You Need To Know About Leasing For Your Business

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Perhaps like many businesses, from new start ups and SMEs to larger companies, you have come round to the idea that there must be a better way to secure funding for your business plans than relying on bank lending. Despite recent initiatives, securing finance this way still remains a tricky and long-winded process, whereas equipment leasing can be very quick to arrange and avoids the need for upfront capital outlay.

What Is Equipment Leasing?

Leasing enables you to pay for the equipment you need over a fixed period of time – typically two to five years through a series of contractual, tax deductible payments. Put simply, the leasing company (the lessor) buys and owns the asset. The customer (or lessee) then hires use of the asset, paying rental over a fixed period. At the end of the contract, the customer usually has a choice of extending the lease, buying the asset or simply returning it.

Finding Out More About Leasing

Clearly, if you have not undertaken a lease finance agreement previously, you will wish to research the topic thoroughly. That’s where the Financing Your Business Plans: WestWon Guide to Leasing comes in: it has been written to help businesses like your get up to speed with leasing terminology and to provide a concise overview of leasing. It is available to download from the website now.

This essential guide contains the information that you need to know about the benefits of leasing, the process, the options available, the things to consider and questions to ask when choosing a leasing company. After all, selecting the right company to work with is vital. As with entering into any new contract, when opting to lease equipment it is important to choose a reputable leasing partner.

For more tailored information on your business leasing options, please call WestWon on Tel: 01494 611 456

For an outline cost comparison of Leasing versus Buying business equipment. please take a look at our Equipment lease calculator.

Best Local leasing Options Yield Benefits In Rural Norfolk

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The Federation of Small Businesses (FSB) has reported that two thirds of small firms expect to grow in the next 12 months and one in four plans to increase the amount of investment in their business. This national picture is also being born out locally in Norfolk, where WestWon leasing company is helping organisations of all sizes to achieve their growth plans through the best equipment lease deals for their needs.

Of the 34 non-metropolitan English counties, Norfolk is the seventh most populous, with a population of 859,400 with a low population density. It is a largely rural county where over 20% of employment in the county is in the agricultural and food industries. Tourism is another important business sector for the county along with energy (oil, gas and renewables) and advanced engineering and manufacturing. Well-known companies in Norfolk include Aviva (formerly Norwich Union), Coleman’s (part of Unilever) and Bernard Matthews Farms.

One of the fastest growing and most popular ways for businesses in Norfolk to finance their investment in equipment and technology is through a lease agreement. Leasing allows all sorts of retailers, manufacturers, finance companies, doctors, dentists, opticians, hotels, health clubs, restaurants and food production companies in the county to easily upgrade technology and avoid equipment obsolescence.

As well as the ability to frequently update specialist equipment without tying up available cash, a leasing scheme can offer considerable tax benefits. From IT equipment or medical technology to an entire office refurbishment, a wide range of specialist equipment can be leased as well as entire projects. Other lease options include furniture, computers, security systems and even maintenance agreements. Any combination of equipment and technology can be chosen from multiple suppliers and organised within a single lease agreement.

With over 10 years of experience in serving businesses in Norfolk WestWon has recently provided over 45  leasing deals in the area, including 15 in Norwich and 10 leasing deals in Kings Lynn. WestWon is a leasing company that possesses valuable local knowledge to help companies find the right leasing solution for their particular business and has 154 local leasing suppliers and partners in Norfolk including 10 in Diss, 21 in Great Yarmouth, 24 in Kings Lynn, 61 in Norwich and 10 in Thetford, and also works with many of the 465 Norfolk schools as well to provide iPads and tablets for education.

WestWon Limited can provide asset finance solutions for a variety of organisations in Worcestershire. For more information, download the Essential Guide to Leasing for Business.

Checklist Of 10 Things to Remember When Moving Offices

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Just like moving home, moving office can be a stressful time. There are so many things to remember along with those last minute hitches, not to mention trying to ensure that it is business as usual for your customers.

Here is a checklist of some of the most important things to consider when relocating your business premises:

  1. Firstly, if you rent your current offices, check the terms of your existing office lease regarding the process of serving notice and length of notice period you are required to give the landlord.
  2. Research good removals companies, office design consultancies, IT specialists and solicitors. Selecting the right companies to work with will help ensure your move goes smoothly. It is always wise to get recommendations and references.
  3. Plan every stage of your office move. Make a list of everything you need to do and everyone you need to inform.
  4. Make an inventory. Decide what furniture and equipment you will take to the new premises and what new items you need to source. Maybe you will decide on a complete fit out of your new offices?
  5. Plan the layout of your office, including where each department and individual will be located. Involve and engage your employees in the discussions where possible and feedback their needs and concerns in teams, so you can address sensitive issues early on.
  6. Remember that timing is everything. Plan the timing for your move carefully. Avoid moving at the busiest time of the year for your business.
  7. Be clear on the IT needs of each team or area in the new office with your IT team and the timescales involved in getting staff up and running.
  8. Notify your customers, suppliers and utility companies of your move and your new contact details.
  9. Don’t forget to change your stationary and update your website along with any online listings or directories to reflect your new contact details.
  10. Lastly, an office move can be expensive, so you will need to agree a budget for the move. If you don’t want to compromise your cash flow, you may wish to consider leasing as a way to finance the fit out of your new office space. From planning and design to interior finishes and furniture, a lease agreement can provide a flexible and tax efficient.

For more information about leasing for an entire office fit out or furniture, download our free Office Furniture and Fit Out Brochure and the WestWon Guide to Leasing 

You can also access free Office Move Project Planner. Or download our free Keyhole Guides to moving office.

 

Local Business Jets Ahead In Gloucestershire Thanks To Best Leasing Deals

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From Cheltenham to Stroud, businesses across Gloucestershire are increasingly recognising the benefits of local equipment leasing to finance capital investments in equipment and machinery. Leasing is after all a proven way of funding new and upgraded equipment without relying on bank loans, enabling organisations in The county of Gloucestershire to drive growth and increase productivity at a faster pace.

The county town of Gloucester has a long history in the aerospace industry. A sculpture in the city centre celebrates Gloucester’s aviation history and its involvement in the development of the first jet engine. Gloucester is also home to the headquarters of Cheltenham & Gloucester, a major mortgage lender.

Local leasing deals in the Gloucester area not only allow businesses in these and many other sectors to improve performance by acquiring the latest technology without tying up capital or existing lines of credit, but they also protect against future obsolescence – a major issue for IT and computing equipment. Plus, leasing payments offer considerable tax benefits, and can even be tailored to match the seasonal cash flow of a business.

A wide range of equipment, from IT hardware and software to packaging machines and medical technology, can be leased from your local leasing company. Other leasing options include general office equipment such as furniture and photocopiers. In fact, almost any type of tangible equipment can be considered for leasing as well as office fit outs and project costs for updating most types of commercial premises.

Local leasing company WestWon Limited has many years’ experience working with organisations in the private and public sector in the county of Gloucestershire, helping them source manufacturers and equipment as well as arranging flexible lease agreements. As a leading local leasing company, WestWon has recently completed over 35 deals in the county and is well placed to provide businesses with a tailored service with over 200 leasing supplier partners in the county, which includes 47 in Cheltenham, 35 in Gloucester and 43 in Tewkesbury.

WestWon Education also provides specialist education lease funding arrangements suitable for the 358 schools in the county.

For more advice on leasing and how to choose a reputable local leasing partner, download your free Essential Guide to Leasing for Business.

Isle of Wight Businesses Use Local Leasing Companies To Finance Growth Plans Without Compromising Cash Flow

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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.

 

SMEs In Leicestershire Turn To Local Leasing To Finance Growth

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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.

7 Easy Steps to the ‘Dream Office’ Move With New Advice-based Website www.DreamOffice.co.uk

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Inspired by the need for high quality online information about the office moving process, WestWon Limited has announced the launch of a comprehensive free advice website www.DreamOffice.co.uk. Designed with small and medium sized businesses in mind, the new interactive website enables hard-pressed company managers to rapidly produce their own structured step-by-step project plan to achieve a successful, stress-free office move. DreamOffice.co.uk also provides insights, checklists and money-saving strategies in the form of a series of downloadable ‘Keyhole’ Guides and case studies. The site additionally offers a reliable means of sourcing ‘Perfect Partners’ – established local suppliers that specialise in providing goods and services for businesses on the move.

According to research conducted by WestWon, the average UK company moves office every 5-7 years and in the majority of cases, the person responsible for co-ordinating this sizeable project often has little or no previous experience of managing a relocation. The study shows that the moving process carries a high risk of going over budget, thereby creating cash flow issues, particularly where the designated office move project manager does not have access to proper planning tools and advice.

Using Dream Office Moves’ free 7-stage Project Plan allows those moving offices to build a personalised workplace transition plan simply by answering a few straightforward questions. Each project plan consists of staged actions, advice and information and pinpoints both priorities and the best strategies to minimise risk.  The office move project planner also generates a printable overview flow chart to visually guide users through each stage of their planned office move.

Also available on the Dream Office Moves website is a series of free downloadable ‘Keyhole’ Guides to office moving, spanning topics such as:

  • Budgeting and Financial Planning for Office Moves
  • Checklist For A Successful Office Move
  • Employer and Employee Relations

Those visiting the website can access a series of informative case studies as well as the current ‘Tip of the Day’- a useful aide-memoire for office moving.

Through its Perfect Partner scheme, DreamOffice.co.uk also provides a ready source of established local and nationwide suppliers. Whether for the supply or installation of equipment or for other professional services related to office moving such as new signage or furniture, Perfect Partner status ensures these suppliers meet WestWon’s high quality standards, based on many years’ experience in this field.

Commenting on the launch of the new Dream Office Moves website, WestWon CEO Jeremy Hall said. “Moving office can be both stressful and time-consuming for those put in charge of the process, and having been through the office move mill numerous times ourselves over the past 25 years, we were inspired to address the gap in the market for free yet highly structured advice on the subject in the form of the Office Move Project Plan.

“Dream Office Moves provides a wealth of useful information for businesses just like us and we anticipate that many companies will find they can save both time and money by making full use of the free project planning generator and the many other resources that can be found on the website.”

Dream Office is owned by WestWon Limited. See About WestWon for more information.

www.dreamoffice.co.uk         Tel: 01494 611 629          Email: info@dreamoffice.co.uk

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