10th October 2017, High Wycombe, Buckinghamshire
WestWon has made its first major acquisition in 2017, purchasing a leasing broker based in Staffordshire. Broughfame has been trading for 17 years and over that time has written 2,400 lease agreements for over 1,700 customers.
The lease portfolio is mostly made up of small SME customers, with 60% of those companies being sole traders or partnerships. There is a high concentration of coffee equipment agreements, however, there are numerous other deals included, from a horse box to a commercial mortgage.
WestWon has a clear strategy of acquiring other leasing companies in the UK and this is the second acquisition within a year. In November 2016, WestWon acquired the customer base and goodwill of Tech 5, a leasing company with an £88m portfolio of leases for turf care equipment. Interestingly, the Broughfame portfolio was just over £12m of leases, increasing the size of our own lease portfolio by over £100m within the year.
Speaking on behalf of WestWon, Jeremy Hall the company CEO stated, “We are pleased to welcome Karen White, who has been running Broughfame for the last ten years. She brings with her a wealth of experience, mostly in the coffee equipment leasing sector. This market is expected to grow from £5bn a year in the UK to £8bn over the next few years. Clearly, more coffee machines will be leased. The historic customer base is also changing from what was mostly coffee shops, pubs and social clubs to your average company that just wants to serve good coffee to its clients and employees. We were particularly interested in the customer base, which we will be transferring into the main WestWon portfolio. There are also a number of long term loyal supplier relationships which we will look to nurture over the years ahead.”
Karen White, the CEO of Broughfame noted, “This is an exciting time for us. WestWon are able to significantly improve how we deliver our customer services to both our existing customer and supplier relationships. Their home-grown CRM system, is by far the best I have seen in a leasing broker. We will enable our suppliers to have access to all their deals and customer information. With the assistance of the WestWon marketing team, we will be building a dedicated website specifically for the coffee equipment leasing sector.”
If you are a Broughfame customer or supplier, please expect a call from a member of our team soon.
For more information, call Karen White on 01494 611 456.