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Leasing In Bristol, Avon And The West County Supports Business Investment Plans

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The ONS figures for UK GDP published at the end of April 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 areas such as Bristol, where confidence amongst local businesses is returning.

Businesses in Bristol and across the Avon area are increasing or bringing forward their capital investments in equipment and machinery to drive growth and increase productivity.

From Bristol to Bath and Weston-Super-Mare, businesses across the Avon region are increasingly recognising the benefits of leasing to finance these investments. With a strong presence in Avon, leading leasing company WestWon, for example, has a network of over 250 partners and has successfully arranged lease agreements for over 40 businesses in the county.

Leasing not only allows businesses to improve performance by acquiring the latest technology without tying up capital or existing lines of credit, but it also protects against future obsolesce – a major issue for IT and computing equipment. Plus, leasing payments offer considerable tax benefits and can even be tailored to match a businesses seasonal cash flow.

Working in partnership with businesses, WestWon Limited can arrange a highly competitive lease agreement for a wide range of equipment from IT hardware and software or office furniture to catering equipment as well as essential insurance cover.

Unlike buying, leasing means you can pay as you use. After an initial payment, you can start benefiting from 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.

Some of the most popular types of equipment leased 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

 

In fact, almost any type of tangible equipment can be considered for leasing. This can even include hardware, software and maintenance agreements. You can also source equipment from multiple suppliers.

With a regional presence based in Bristol and 200 partners and suppliers in the town, WestWon is well placed to provide businesses with a tailored service and client services managers who can visit a client’s premises to discuss their requirements in person. The company has many years’ experience working with organisations in the private and public sector in the Avon region, including almost 500 schools in Bathm Bristol, Clevedon, Radstock and Weston-Super-Mare, helping them source manufacturers and equipment or provide information and quotes on various options.

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

How To Choose The Right Leasing Company

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When taking the decision to lease equipment or other assets your business requires, selecting the right leasing 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 and to diligently check the credentials of any company you may wish to deal with.

Now more than ever, it is essential that those taking leasing decisions on behalf of a company are fully aware of how the market operates and are fully equipped to verify the credentials of their chosen supplier and to ensure that they achieve the most cost effective solution for their particular needs.

Here are some tips to help you find the right leasing partner:

1. Reputation

Always choose a leasing company who is a member of industry bodies such as the FLA (www.fla.org.uk) and NACFB (www.nacfb.org), which ensure best practice. Members of the NACFB operate under an Office of Fair Trading registered Code of Practice.

 2. Referrals and recommendations

Scrutinise your potential leasing partner. Find out how long they have been trading and ask for reference sites.

3. Lease types

Find out what type of lease agreements a potential partner offers. There are several types of lease agreement, which will allow your company to acquire the assets you need to run your businesses without upfront capital outlay. These include capital leases (or finance leases) and operating leases. It is important to choose the right lease agreement to meet you business needs.

4. Experience and expertise

Find out if your potential leasing company has experience of leasing in your industry sector or the type of equipment you wish to lease. How long have they been in business? What companies have they worked with? If you are a start-up company, do they have experience in leasing to new businesses? Some companies only deal with established companies, while others have expertise in arranging lease agreements for new businesses.

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

 

 

 

Leasing Helps Businesses in Bedfordshire Prosper

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Almost two thirds of small firms expect to grow in the next 12 months and one in four plan to increase the amount of investment in their business according to the Federation of Small Businesses (FSB). This national picture is also being born out locally in Bedfordshire, where WestWon Limited is helping organisations of all sizes to achieve their growth plans through tax efficient lease agreements.

Bedford has a prosperous business community of nearly 7,000 companies – a mix of innovative start-ups and international companies that have chosen to invest in the region. In Luton, manufacturing remains the largest sector, employing 19.7% of all employees in the borough, while employment in the wholesale and retail trade is increasing with 18% of the Luton workforce employed in this area.

One of the fastest growing and most popular ways for businesses to finance their investment in equipment and technology is through a lease agreement. Leasing allows all sorts of retailers, manufacturers, laboratories, opticians, health clubs, restaurants and construction 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. With an operating lease, lease ‘rental’ payments are an allowable business expense that can be set against profit – thereby potentially reducing your tax bill.

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 for a single lease agreement.

With over 10 years of experience in serving businesses in the Bedfordshire area, including in Bedford, Dunstable, Leighton Buzzard, Luton and Sandy, WestWon is a leasing company that possesses valuable local knowledge to help companies find the right leasing solution for their particular business and has a comprehensive list of local leasing suppliers and partners. In fact, WestWon has 190 partner manufacturers and suppliers throughout the county, including 50 in Bedford alone, and works with many of the 320 schools in the area too.

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

Medical Equipment Leasing Helps Hospitals and Surgeries Keep Pace With Technology Change

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Rapid growth is more evident than ever in the global medical device industry. The value of this market is expected to hit $228 billion by 2015 marking annual growth of nearly 7%, according to a recent industry research report. The market covers a wide spectrum of products used in the treatment of patients, including cardiovascular devices, dental equipment, diagnostic devices, medical equipment and supplies, ophthalmic devices, orthopedic devices, respiratory devices and surgical equipment.

New treatments for patients, patient tracking and administration are just a few of the areas reliant on this type of new technology. With all the advances in medical science, it is unsurprising that budgets are being stretched as never before when it comes to ensuring the efficiency of medical practice, laboratory and hospital environments.

Rapid Growth in Scientific and Medical Equipment Leasing

A recent news report in European Hospital has highlighted the fact that annual growth rates for global medical equipment leasing and renting is currently outstripping growth in the medical device market as a whole. In the UK, equipment leasing as a whole has shown strong growth over the past 12 months, providing an obvious solution for medical organisations that prefer to pay for innovative technology over its useful life rather than tying up large suns of capital upfront.

Specialist medical equipment and medical device leasing

There are many reasons why scientific and medical leasing is experiencing rapid growth, and those specialising in leasing for the sector can ensure a smooth process for financing what can be very costly medical equipment along with facility fit outs.

Benefits of medical equipment leasing

Lease payments for scientific equipment can be set against profit, thereby potentially reducing tax bills.

Flexibility and cash flow boost: you can obtain the specialist equipment and technology you need without tying up available cash and lines of credit.

Once you make a set initial payment, you can acquire and start using the asset immediately, while spreading payments over the useful life of the equipment.

Flexible repayments: lease payments for essential assets can be spread over a period of time that suits your organisation. You can also choose a fixed interest rate, which protects against interest rate rises and enables you to plan your budget effectively.

Avoidance of equipment obsolescence and easier upgrades in the future: increasingly vital in technology-driven sectors such as science and medicine.

What medical equipment can I lease?

There is vast scope for leasing medical equipment and devices. Some popular items which are leased include:

  • Anaesthetic Machines
  • Blood Analysers
  • Blood Pressure Monitors
  • Bone Densitometers
  • CT Scanners
  • Defibrillators
  • EKG Machines
  • ECG Machines
  • Echocardiograms
  • Electrosurgical Units
  • Fetal Heart Monitors
  • Incubators
  • MRI Machines
  • MRI Scanners
  • Mammography Machines
  • Ultrasound Machines
  • Ultrasound Probes
  • Medical Gas Equipment
  • Medical Exam Room Equipment
  • Plastic Surgery Equipment
  • Surgical Equipment
  • Urology Equipment
  • Dermatology Equipment
  • Lab Equipment
  • Autoclaves
  • Sterilizers
  • Medical Imaging Machines
  • Medical Accessories
  • Surgical Instruments
  • Electric Hospital Beds
  • Electric Wheelchairs
  • Examination Tables
  • Treatment Tables
  • Surgical Tables
  • Medical Carts
  • Medical Trolleys
  • Hospital Trolleys
  • Medical Lighting
  • Medical Exam Lights
  • Medical Furniture
  • Cardiac Care Equipment
  • Respiratory Ventilator Equipment

For more information about leasing scientific and medical equipment, please call WestWon Tel: 01494 611 456. You can also download the fact sheet Asset Finance For Scientific Leasing

Leasing Helps Buckinghamshire Businesses Boom

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Sometimes referred to as the entrepreneurial heart of Britain, Buckinghamshire boasts a high rate of start-up enterprises. Many of which are turning to leasing to help finance their plans without compromising cash flow, according to leading finance company WestWon.

Situated only 45 mins from London and Heathrow Airport, Buckinghamshire provides the perfect location for globally focused businesses with its excellent motorway links and an accelerated deployment programme of superfast broadband. Aylesbury, High Wycombe and Milton Keynes are particularly thriving. In High Wycombe, for example, there has been an increase in retailers flocking to open in the Eden Centre (e.g. Poundland, Anytime Fitness gym and shoe retailer Deichmann). John Lewis has also seen a boom in business since it revamped its High Wycombe store.

Indeed, the entire county has seen a significant fall in unemployment figures. In the last year, the number of people unemployed in the region has fallen by 32.6% – making it the third lowest among council areas and LEPs.

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.

As a well-established and highly respected leasing company, WestWon Limited has a strong presence in Buckinghamshire and has recently successfully arranged more than 70 Buckinghamshire leasing deals for a variety of businesses in the area. With nearly 400 leasing partners and suppliers across the county – including 32 leasing suppliers in Aylesbury, over 40 leasing suppliers in Beaconsfield and Marlow, and over 200 leasing suppliers in High Wycombe and Milton Keynes in as well as a regional presence in Aylesbury – WestWon offers businesses a tailored local service as well as highly competitive rates. Westwon also offers leasing and parental donation solutions for iPads and tablets in the classroom for 368 schools in the county of Buckinghamshire.

For more information and advice on leasing options in Buckinghamshire, call us now on Tel: 01494 611 456 or download your Free Essential Guide to Leasing for Business.

How Start-up Businesses Can Lease As They Grow

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Paying upfront for equipment or an asset can be a significant drain on the working capital for most businesses. In 2014, raising finance for business equipment and assets continues to be a challenging issue for companies, particularly new businesses just starting out.

With highly competitive interest rates and agreements, there is no doubt that leasing can offer an advantageous alternative to buying for start-ups. But how easy is it for a new business to get a lease agreement?

Well, obtaining a lease agreement can be more challenging for new businesses than established companies, but it is by no means impossible. In fact, arranging a lease agreement can be less complicated than applying for a loan. Some leasing companies like WestWon are increasingly working with new start-up companies and can provide specialist advice and guidance.

Generally, a new start-up will be required to submit their personal financial statements, personal tax returns, a business plan and details of equipment they wish to lease. Once submitted, the information is reviewed and a business should be able to obtain a quote and a decision in principle soon after.

There are several types of lease agreement, which allow a new company to acquire the assets they need to run their business without upfront capital outlay. What leasing does is enable the equipment to be paid for over a fixed period of time – typically two to five years through a series of contractual, tax deductible payments.

Leasing is great for new start-ups as it can help improve cash flow by preserving their working capital. This leaves funds available to reinvest elsewhere in the business or to cover unexpected costs that may arise. Many businesses also find leasing advantageous from a budgeting standpoint as switching from outright purchase to a lease agreement changes how the equipment is accounted for.

Leasing offers considerable tax benefits for new businesses too. Lease ‘rental’ payments are an allowable business expense that can be set against profit – thereby potentially reducing your tax bill. Other methods of equipment acquisition, such as outright purchase, do not have the same level of tax benefit.

For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Leasing for Business or call us on Tel: 01494 611456 for practical tailored advice.

 

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Everything You Need To Know About The History Of Equipment Leasing

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Equipment Leasing is not a recent invention.  Indeed, historians and economists believe that the first equipment leasing transactions took place in ancient Sumer from c. 2000 BC onwards.

The Sumerians were the first to use a place value numeral system and create multiplication tables. Sumerian writing is also the oldest known example of writing. They used triangular or wedge-shaped reeds to write on moist clay and the clay tablets found in the Sumerian city of Ur contain information about the lease of agricultural implements, land, water sources, cattle and other animals.

More about equipment leasing

Historians have also argued that Aristotle referred to the idea of ​​leasing in a treatise saying “Wealth is in use, not ownership,” written around 350 BC.

In more modern times – in the 1880s – the Bell telephone company introduced the concept of leasing instead of selling telephones, a decision that proved instrumental in the company’s success. But it was not until 1952 that the first industry association was formed; ‘The United States Leasing Company”. In the early 60’s American business practices had spread across the ocean to Europe. The first European leasing company – “Deutsche Leasing GMBH” appeared in 1962 in Dusseldorf. And the mid-60’s leasing transactions in the U.S. already accounted for 1 billion dollars.

In Western Europe the first financial leasing companies emerged in the late 50’s – early 60’s. In England, the “Mercantile Leasing Corporation” was formed in 1960 and following changes to tax legislation and the clarification of the legal status of leasing contracts, the number of leasing agreements began to quickly grow.

WestWon’s leasing heritage dates back to to 1976 with the acquisition of Power Leasing Limited, one of the first leasing intermediaries to incorporate in the UK.

Equipment leasing today

Today, in the 21st century, leasing is widely recognised as one of the most effective ways to purchase costly plant and equipment and to upgrade existing capital assets.  According to the UK Finance and Leasing Association FLA, £21.5 billion of finance was provided to businesses and the public sector, representing around 28% of all fixed capital investment (excluding real property and own-account software) in the UK last year.

As one of the UK’s leading leasing companies WestWon specialises in IT leasing, office furniture and fit out leasing and leasing for many other sectors and public organisations.

The Sumerians certainly knew a good idea when they saw one. Make sure your business takes advantage too! For more information about equipment leasing deals, you can download the essential guide to leasing – Finance Your Business Plans – or call WestWon on Tel: 01494 611 456.

Top 5 Things To Look For In An IT Support Provider

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A good IT support provider is a company that is able to listen to and understand your businesses needs. It is also vital to partner with a company that you will feel comfortable working with on a regular basis. With a large increase in the number of IT companies to choose from, it can make the selection process much more problematic. WestWon Leasing IT partner, Tegen, shares its perspective on how to go about finding the right IT partner and suggests you consider the following 5 points…

How To Find The Right IT Partner

1. Take References

These provide a different point of view and therefore give you something to compare your viewpoints with – they may give also you a glimpse into a company’s work ethics and ‘habits’. This is invaluable information from someone who has already had experience with them.

2. Look at partners

The easiest and quickest way to check potential partners’ credibility is to have a look at their website and search for any certificates, qualifications and/or industry accreditations that back-up their IT knowledge and skills. A company with an array of partners signifies that they have access to the latest solutions.  By forming strong partnerships with big brands, their service quality should excel.

3. Expect clear pricing

It is always good to know how you will be charged, amounts may vary depending on the service that is being provided. Remember to always check what is included in the cost to avoid any hidden or extra charges, and also what IT lease finance options are available.

4. Look for competency proof  

Ask potential suppliers to provide their service level agreements defining response times and resolution targets. Or alternatively, why not personally test the service out yourself. An IT partner who keeps you on hold, or where you have to go through a variety of stages on the phone before you are physically able to speak with a member of the Service Desk team is probably not a partner you want to work with.

5. Book a meeting  

Companies that recruit the best staff will usually be able to deliver the best services. People do business with people, so look out for company/individual awards that may represent a good work ethic where employees are valued by the company.

For more information about IT support, and to see how Tegen could benefit YOUR business see www.tegen.co.uk

Best Leasing Deals And What The ‘Cheapest’ Leasing Rates Really Mean

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When browsing for leasing deals, you may find leasing companies advertising the ‘cheapest leasing deal’ or ‘cheap lease rates’.  But what do those Internet ads really mean?  it is worth bearing in mind that the headline in the advert may not always paint the full picture.

There certainly are good leasing deals to be had, particularly for quality covenants and assets. During 2012 WestWon has seen many new banks entering the leasing sector along with a clear change in underwriting policies in that  banks are now lending to companies they would have rejected for credit a few years ago. The obvious impact of this is that the market price for leasing rates is reducing.

The cheapest rates we see start at just under 6% APR. You may well see these rates advertised at 3%, this is the flat rate.  Lombard (owned by Nat West) is one well known leasing company that offers competitive rates. Other high street banks also offer leasing and often some of the most competitive rates.

There are some fantastic manufacturer- subsidised deals out there for equipment, whether for a photocopier from Xerox, a computer from IBM or some specialist plant and machinery. Suppliers will often “blind discount” products to make the leasing deal look like it is interest free.

What is a good lease rate?

For the majority of businesses, lease rates start at around 8% APR and go upwards.  Rates depend on a number of factors such as:

  1. Strength of the covenant
  2. Type of equipment
  3. Deposit and term of the lease
  4. Other profit centres

Point four above is really important: leasing companies now make a lot of their profits from administration fees, yearly admin costs, insurance, upgrades, early settlements and selling equipment at the end of a lease. WestWon could easily offer an interest free agreement – or what looks like an interest free agreement – if we know there is a good resale value in the equipment.

Why do leasing companies charge documentation fees?

Like all companies, leasing companies have to make a profit. They provide a valuable service to UK companies by helping to fund assets and facilitate growth. Paying an interest rate – a fair market rate of say 8% – is often small in comparison to the value and return you get from having the beneficial ownership of the equipment you need without having to pay the full cost upfront.  And after all, it is not just leasing companies that charge documentation fees; for example, many high street banks charge a fee for setting up an overdraft facility.

How much is a leasing documentation fee? The documentation fee for a lease agreement can range from £75.00+VAT to £150.00+VAT.

So in summary, there are good deals to be found, but remember, don’t just look for the cheapest leasing rate, look at the overall cost of the lease with other items such as admin and insurance factored in.

For more information about the best  leasing deals and cheap lease rates, call WestWon on Tel: 01494 611 456

Leasing Cements Its Place In The Construction Sector

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The construction and engineering industries are highly competitive, so it is important to stay ahead of the game. Leasing can help you obtain the equipment your business requires to ensure you can keep pace with the latest technology. Investing in new plant equipment and machinery can be a huge outlay, but leasing offers an advantageous alternative for the construction sector to buying with highly competitive interest rates. Indeed, with banks reducing the amount of overdrafts and loans available to businesses, leasing and asset finance is increasingly being considered as the best and most tax efficient way to acquire new equipment or assets for the sector.

With a lease agreement, the asset you require is yours to use straightaway, but you pay for it in installments over a fixed period of time, which helps you spread the cost over the life of the equipment. You can also upgrade or expand your resources easily, as and when the need arises.

Furthermore, with leasing you have a fixed interest rate. This protects you against interest rate rises and enables you to plan your budget effectively. And as inflation rises, because your payments are fixed, the cost of the equipment reduces in real terms.

A wide range of equipment, from milling machines and welding equipment to portacabins and cement mixers, can be leased. Some of the types of equipment that can be leased include:

  • Welding equipment
  • Vehicles (e.g. cement trucks and tractors)
  • Bulldozers
  • Plant equipment
  • Portacabins
  • CNC machining centres
  • Surveying equipment
  • Cranes
  • Diggers
  • Drills
  • Lathes
  • Generators
  • IT hardware and software
  • CAD software

WestWon Limited has a wealth of experience in providing asset finance solutions for the construction and engineering sectors. For more information, download your free Essential Guide covering Construction and Engineering Equipment Leasing for Business. Or call Tel: 01494 611 456 for more information and an instant quote for the equipment you require.

 

 

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