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UK Office Furniture Leasing Is Growing Fast in 2013

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October 2008 is a date that many companies in the office furniture leasing sector remember well.  It was the time when a lot of UK business owners suddenly found themselves facing the stark realities of what they were being told was going to be a nasty and prolonged recession.  The term “credit crunch” was being widely used in the press and, being an office furniture leasing company, we knew only too well how serious the implications might be.

As a leasing company, WestWon has historically dealt with a wide range of suppliers of capital equipment spanning computers, hardware and software through to waste and scientific equipment.  We have always been specialists in office furniture leasing and office fit out leasing, which includes the ‘soft’ costs that a company incurs when refurbishing or moving premises, such as decoration, lighting and flooring.

Office furniture leasing and the credit crunch

Thus, in 2008, when the credit crunch hit, office equipment leasing was an important part of our business and although we saw an immediate and significant downturn in business across the board, the sector that was hardest hit was the office furniture leasing side. It seemed that overnight companies simply put their plans to move offices on hold.

As a result, over the past five years, many office furniture companies have closed their doors. However, those, including WestWon, that were able to weather the storm are starting to see strong signs of recovery.

Office furniture rental and leasing remains a strategic part of our business and in 2013, WestWon has witnessed first-hand the way in which companies are investing again in new office space. Many of these companies are choosing to fund their investment in office furniture and fit outs by taking out a lease agreement with WestWon.

Whether you are an organisation that supplies office furniture or a business that is planning an office move or refurbish its premises and would like to find an attractive lease finance option, please call WestWon on Tel: 01494 611 456  or email boris@westwon.co.uk to discuss the possibilities. You may be surprised to here how many benefits to leasing there are for your business.

5 WestWon Guys Grow A Mo For Charity This ‘Movember’

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Staff at Beaconsfield-based leasing company WestWon Limited have literally put their money where their mouths are this month by sprouting ‘tashes’ in order to raise £500 for Movember 2013.

Carl Redding and WestWon Colleagues Grow a Mo

Carl Redding (front centre) and WestWon Colleagues Grow a Mo

The fund-raising initiative is being organised by the company’s IT leasing Account Manager Carl Redding. Carl has been inspired by personal experience, having seen a dear relative battle and beat breast cancer, and appreciating how much the support of others helped the whole family through difficult times.

Carl, who lives in Lane End, explains, “Until it happened to my mum Janice, like most my age, I was naive about the effects of cancer, not just on the sufferer, but on family and friends too.

“The treatment and the support my mum received from everyone last year, and in particular cancer specialists and related charities, was just phenomenal. One year on, I feel really passionate about raising awareness of cancer and giving something back. Doing ‘Movember’ just seems like a great way of saying ‘thanks a million’ in a fun but meaningful way.”

 Movember UK raises funds (£27.0 million in 2012) for testicular and prostate cancer causes by encouraging everyone to have fun at the expense of moustachioed men. Carl has received the unbridled support of four WestWon colleagues who are also happily going hairy-lipped to help.  There will be a grand measuring and shaving ceremony at the end of the month with ‘before and after ‘pictures posted online.

WestWon’s ‘5 Guys Named Mo’ are looking for additional sponsors to reach their fundraising targets so anyone who would like to see those Mov-tashes  grow can still make a donation online at www.mobro.co/westwon or contact Carl direct on Tel: 01494 611 456 for more information.

5 WestWon Guys Grow a Mo for Charity

WestWon Mo Growers (Front to Back) Carl Redding, Danny Samuels, Ryan Lewin, Andy McCready & George Shillingford

 

 

 

Should You Move or Refurbish Your Shop, Hotel, Warehouse, Factory or Office With Leasing?

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There is no better feeling in business than that of success. The order book is full and there are new, enticing prospects on the horizon. But soon you realise that you simply don’t have the space or equipment that you need to maintain business momentum going forward.  So should you stay where you are and refurbish your premises? Or should you move premises and relocate your business?

Better To Move Business Premises or Refit and Refurbish?

First of all, you may well look at the cost of moving … and come to the conclusion that is it just not worth relocating.  When you take into account the inevitable disruption to staff and customers as well as the issues around terminating your existing office or shop lease (not forgetting dilapidations) or perhaps even selling up (if your business owns the current premises), it can seem like a step too far.

Your thoughts then turn to refitting and refurbishing your existing premises and facilities, and extending your current lease.

The ‘do I stay or do I go’ dilemma is the reality that many business owners face today even though across the UK there is a general abundance of spare commercial space available.

Leasing Refurbishments, Fit Outs and Refits Can Save Time and Money

Although refurbishing your existing premises can be a time consuming and expensive project that will invariably cause some form of disruption, it can still be a much cheaper and simpler solution than moving.

Whether you are upgrading your office, shop, warehouse, restaurant or factory, using lease finance to cover the refit and refurbishment costs including related services,  avoids one of the major obstacles to change for many companies… that is having the financial resources to pay for the improvement work upfront.

Even where companies are in the fortunate position of having spare capital, the owners would often prefer to keep this money to fund the general working capital requirements of the business.  Using asset finance and a lease agreement to fund the refurbishment costs is a logical solution that means you don’t have to approach your current bank or tie up existing lines of funding.  And you can, of course, pay for the works over their useful life rather than all upfront, for example over a three, four or five year lease period.

If you are looking to refurbish your shop, warehouse, hotel, factory or office and would like an indication of what it would cost per month, why not use our online lease calculator for an instant quote. Alternatively, please give our Leasing Refits team a call on Tel: 01494 611 456.

All About Leasing Capital Equipment For New Start-Up Businesses

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It’s a harsh reality, but unfortunately, many banks and mainstream leasing companies simply don’t provide lease finance for a new start businesses.

Why is it typically harder for a new start-up business to obtain a leasing deal?  Well, given that statistically four out of five new start companies do not make their 5th anniversary, the reasons start to become clear.

However leasing is a great way for new businesses to obtain the capital equipment, the IT or even the office or shop fit out they need without tying up cash and using up other lines of credit.  So if you are an SME and a new start-up that would like to secure a leasing deal, here are some golden rules to follow:

7 Golden Rules for New Start-Ups That Want To Lease Capital Equipment
  1. First and foremost, even if you are a limited company, personal guarantees will invariably be required for new start companies. The leasing company will need you to be a home owner. However, if you are not, it is possible to offer a third party guarantee, for example, from a family member.
  2. A leasing company will ask your permission to carry out a personal credit search to establish how good your credit rating is. So verify your personal credit check is clean and that you have no missed payments or County Court Judgements against your name. If this is not the case, you will need to be prepared to answer questions about it.
  3. You should be able to provide the leasing company with either business and/or personal bank statements showing that your account(s) are well managed.
  4. It is always useful, if possible, to show the leasing company that you are putting funds into the business or you have other financial banking, for example, from your bank.
  5. Do you have a business plan? Even if this is just a fairly basic outline, it will help your cause by showing the lender that you have thought about your business.
  6. Can you explain with conviction why you are looking to buy a particular asset and what the financial benefits your business expects from it?
  7. Can you offer a deposit? Asking to lease an asset with a capital value of £10,000, but with only £250 deposit available to put down obviously presents a much higher risk (for the leasing company) than providing a deposit of £2,500. So always think about how much deposit you can offer in advance.

As a leading UK leasing company, WestWon is keen to support leasing for new start companies. We applaud the ‘entrepreneurial spirit’, which has a vital role to play in driving the wider economy forward.

For more information about our best leasing deals for new start companies, please call WestWon on Tel: 01494 611 456 or email boris@WestWon.co.uk

Planning and Designing Your Office Fit Out? Think Leasing…

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Whether refurbishing your existing office premises or launching a new start-up, companies today are rightly turning to lease finance to fund their new and improved working environments.

Planning an office revamp or fit out can contain many elements, not just – although very important – furniture and office equipment, but also fittings, flooring, partitions, lighting, IT technology, computers, photocopiers, telephony;  in fact, everything – including the staff room kitchen sink – you need in place to ensure good employee morale and increased productivity.

Of course, planning and designing an office fit out or refit can be expensive and it makes complete sense to review your funding options fully before committing to a large upfront capital payment.  Tools such as WestWon’s instant Lease Calculator can provide an instant quotation to compare the cost of leasing office furniture and related project items and services versus buying them outright. Spreading the cost of office refits and fit outs over time is just one of the benefits of leasing:

Advantages of leasing office furniture and fit outs
  1. Lease payments can be set against profit, thereby potentially reducing tax bills.
  2. Flexibility and cash flow boost: you can obtain the business equipment and technology you need without tying up available cash and lines of credit.
  3. Your business can also get an instant Return on Investment as 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.
  4. Flexible repayments: lease payments can be tailored to match seasonal cash flow. You can also choose a fixed interest rate, which protects against interest rate rises and enables you to plan your budget effectively.
  5. Avoidance of equipment obsolescence and easier upgrades in the future: increasingly vital as more and more businesses are becoming technology-driven.

Call us now on Tel: 01494 611 456 for further details and an illustration of how office fit out leasing can benefit your business and support planned office design projects.

Top Tips For Office Furniture and Fit Out Leasing Options

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Furniture Leasing from WestWon

WestWon has a long-standing heritage in the furniture, office equipment and fit out leasing marketplace and continues to invest heavily in the sector. We focus, in particular, on innovative technology, excellent service, highly competitive rates and tailored lease agreements.

Furniture Leasing and Fit Out Leases are Flexible and Cost-efficient

The workplace environment has a major impact on employee productivity and morale as well as company image. Leasing allows customers to acquire the type of furniture they need, when they need it, without upfront capital outlay. Companies simply choose the items they require now and pay for it through regular tax deductible payments over the useful lifecycle of the investment – normally 2 to 5 years.

Furniture Leasing is Fast

The process of securing a lease agreement is also far quicker and easier than that of obtaining a loan or overdraft extension from a bank to fund furniture purchases. With leasing not only do customers retain all their existing lines of credit, it also makes also makes it easier for them to expand and refresh their requirements and company image in the future.

Choose a Well-established and Reputable Leasing Company

Founded in 2006, WestWon is a member of the National Association of Commercial Finance Brokers (NACFB) and an Associate Member of the Finance and Leasing Association (FLA). WestWon adheres to industry best practice and we pride ourselves on providing an excellent level of service and complete transparency on all agreements.

WestWon Office Furniture Leasing Customer Testimonial

Seco Tools is an example of a WestWon lease finance customer who undertook a complete facility refit  including furniture.

“Working with WestWon was easy, very easy.  I used Furniture 23 for the furniture package. They put me in contact with WestWon and from there it was just ticking boxes and logical steps – and very easy.  The leasing was the easy part of my job!”  Paul Hipkin, Project Manager, Seco Tools.

More about Office Furniture Leasing

What Next For ING Lease Customers Requiring New Leasing Deals in 2013?

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It is a year since ING Lease UK, based in Redhill, Surrey stopped writing new lease business and began running down its asset finance portfolio.

A wholly owned subsidiary of ING Group, a global financial institution of Dutch origin, ING Lease UK is one of a number of ING Group owned European asset finance businesses and forms part of ING Commercial Banking.

ING Lease UK had been pumping around £1bn a year into the British economy to the benefit of companies that have been turning to leasing contracts as bank loans and overdrafts have become harder to obtain.

ING Lease Customer Service For Existing Customers

Since shutting their door to new business introductions in 2012, ING has significantly reduced the size of their workforce in the UK. Although the workforce is now just a third of its former size, the ING office in Redhill, Surrey still employs almost 100 employees dealing with customer services, defaults and end-of-lease enquiries.

If you need to speak to ING Leasing UK directly about an existing lease agreement, you can call their customer service number via the main switchboard, 0870 998 6100.

Alternatively, you can write direct to ING Lease UK at the following address:

ING Lease (UK) Limited

60 High Street

Redhill

Surrey

RH1 1NY

ING Lease Customer Service For Existing Customers

If, however, you are an ING Lease customer and are looking to fund new equipment, you now need to find a new leasing company to assist you with your growth plans.

As one of the UK’s leading asset finance and leasing companies, WestWon helps all types of organisations to strengthen and grow their operations with the best leasing options available. Whether for leasing office furniture, business equipment or machinery, WestWon is number one for asset-based finance in terms of reputation, rates and reliability.

We use the latest online technology to source and administer contracts, helping thousands of companies to fund capital equipment purchases in a tax-efficient way that maximises cash flow and protects existing lines of credit. What’s more, we offer quick quotes, rapid ‘decisions in principle’ and fast access to finance at great rates.

You can obtain a lease quote online now or simply call us on Tel: 01494 611 456 with any leasing questions you may have – we’re here to help you  better understand your leasing options and find the best leasing deals.

Everything You Need to Know About Interest Free Leasing Deals

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Is there such a thing as an interest free leasing deal?

The simple answer is no. After all, thinking about it logically, why would a leasing company provide you with money for free?  Yet some do appear to be offering interest free equipment leasing options. How can this be?

More About Interest Free Leasing Deals

Firstly, most interest free deals are subsidised by either the equipment manufacturer or the equipment reseller. They use this ‘marketing twist’ to entice the customer to buy their stock and are, in effect, offering the customer a blind discount. For this reason, an interest free leasing agreement can – and often does – represent excellent value for customers. And WestWon has run numerous interest free leasing offers on behalf of suppliers, who are looking for a new, modern way to promote their products.

How Does Interest Free Business Equipment Leasing Work?

In simple terms, if a supplier or manufacturer wishes to sell equipment with a capital value of £12,000.00+VAT on an interest free lease finance basis over three years, the lease payment would typically be £1,000.00+VAT per quarter. That equates to £12,000.00+VAT over the course of the whole lease.  So apparently interest free….

However, not quite so … the supplier invoices the leasing company upfront for the equipment as per the normal process, but, in our example, for the reduced amount of £10,500.00+VAT rather than the full capital cost of £12,000+VAT.  The leasing company then bases the lease payments due on the discounted figure of £10,500+VAT, and thus still makes circa £1,500.00+VAT in interest on the deal.  As customers only see the lease agreements they make with the leasing company and not the invoice from the supplier to the leasing company, they are typically unaware of the underlying supplier discount that enables the leasing deal to work.

Is This Type Of Lease Agreement a Good Deal For Customers?

There is absolutely nothing wrong in this type of offer and, in fact, it usually represents excellent value for the customer, who obtains the benefit of the equipment immediately while paying for it over its useful life. The supplier gains a new customer and the leasing company receives interest on the deal as normal.

One thing worthy of note is that technically with an interest free lease agreement, title (ownership) of the equipment should pass to the customer at the end of the lease, so interest free deals are often put together on a lease purchase as opposed to a lease rental basis.

For more information about the best leasing options for customers, manufacturers and resellers please contact WestWon on Tel: 01494 611 456.

New WestWon Asset Finance and Leasing Website Designed with Customers in Mind.

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Leading asset finance and leasing company WestWon has today launched its innovative new asset finance options website. Offering a free downloadable guide to Planning Your Finances with Leasing, and with an online Equipment Leasing Calculator and up-to-the-minute live leasing deals feed, www.WestWon.co.uk makes it easy for all types of companies to find out more about leasing and compare lease v. buy costs of capital equipment.

This latest Investment in online leasing resources follows the opening of WestWon’s new Midlands office, located in Glenfield, Leicester, on 1st September 2013. WestWon CEO Jeremy Hall believes that demand in the Asset Finance marketplace is set to rise further, and that WestWon is at the forefront of delivering the type of quality service that businesses deserve.

“WestWon is committed to providing competitive, easy-to-arrange lease finance for new equipment and related services,” commented Hall. “WestWon is a leasing company that prides itself on offering the best leasing options at great rates, and using the latest online technology to deliver unbeatable pre-sales and post-sales customer service.”

“Not every business that could benefit from lease finance is necessarily up to speed with leasing terminology or the cost benefits of leasing v buying equipment, which is why we have invested in our new multi-faceted website.”
WestWon specialises in Office Equipment Leasing and IT and computer leasing as well as asset-based finance for a wide range of business needs, for example: Engineering Equipment Lease Finance, Scientific & Medical Equipment Lease Finance, Processing and Packaging Equipment Lease Finance, Waste & Recycling Equipment Lease Finance, Catering Equipment Lease Finance and Leisure Equipment Lease Finance.
With its Headquarters in Beaconsfield, Buckinghamshire, WestWon is a well-established provider of equipment asset finance and leasing to all types of companies in the UK. As a member of the Finance and Leasing Association and National Association of Commercial Finance Brokers, WestWon is committed to the principles of transparency and adherence to industry best practice in all transactions.
For more information see www.WestWon.co.uk, email boris@WestWon.co.uk or Tel: 01494 611 456

 

 

 

What Funding Choices Do Businesses Have? Bank Lending v Leasing

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It seems that companies still can’t rely on bank lending to fund business growth. Meantime, asset finance and leasing is going from strength to strength and continues to help breech the widening gap between business equipment funding requirements and bank lending.

In June 2013 UK bank lending fell again, despite government attempts to reverse the trend through its Funding for Lending Scheme (FLS). Bank of England data showed that net lending fell £300m in the first quarter of 2013 and that while lending to individuals was up, crucially loans to businesses were down.

Earlier this week, the British Bankers’ Association published key lending data by postcode for England and Wales. It showed that of 120 postcode areas, only 22 showed an increase in borrowing by small and medium sized businesses last year.

In order to try and boost lending, Chief Secretary to the Treasury Danny Alexander has today (24th July 2013) announced that major UK banks will reveal details from January of their lending in thousands of local areas.

He hopes publishing lending data across 10,000 postcode areas will boost credit to homeowners and small businesses and encourage competition by helping smaller lenders to identify gaps in the market.

Whether or not this initiative bears fruit, companies and SMEs in particular are well advised to protect existing cash flow and lines of credit by considering leasing for their new business equipment, IT technology and other essential assets.

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