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    Manufacturing

    Close Brothers helps Brand Consortia become ‘Covid-ready’

    • By MTDCNC
    • November 22, 2020
    • 3 minute read

    Close Brothers Asset Finance has provided specialist designer and manufacturer, Brand Consortia, with a term loan backed by CBILS to help the business through the COVID-19 period, putting them in a positive position once site working is deemed safe again.

    Based in Oldham, Brand Consortia was established in 2010 and specialises in the design and manufacture of signs and graphics for high-profile customers. Prior to the COVID-19 outbreak, the business was on track to post a record year. However, the bulk of their order book was postponed for a minimum of eight weeks because of the outbreak with the main source of work postponed.

    Matthew Sproston, Area Sales Manager for Close Brothers Asset Finance’s Manufacturing division says: “We are delighted to have been able to support a British manufacturing business at a time they needed it most. The directors approached us for forbearance on their existing agreement, which was granted. They also needed a cash injection to provide working capital and help cover the new costs associated with adapting to social distancing measures in their manufacturing facility. The funds will provide the working capital they require to trade out of the pandemic.”

    Brad Tupman, Managing Director, Brand Consortia says: “Pretty much the entirety of our workload has been suspended because the type of work we undertake involves site visits. These visits are critical to our work and have been pushed back until the pandemic settles down. We have supply agreements in place with our customers and we’re confident in fulfilling our orders once we’re allowed on site again.”

    “We weren’t eligible for the small retail grant, business rate relief or larger schemes and had been looking at CBILS as a financing option. We’re grateful Close Brothers Asset Finance really stepped up, continuing to help businesses like our own while other lenders were not looking to take on new customers.”

    Asset finance products:

    • Hire Purchase (HP) allows the customer to buy the equipment on credit. The finance company purchases the asset on behalf of the customer and owns the asset until the final instalment is paid, at which point the customer is given the option to buy it.
    • Finance lease: The full value of the equipment is repaid to the finance company, plus interest, over the lease period. At the end of the term, the company can choose to:
        • continue to use the asset by entering a secondary rental period
        • sell the asset and keep a portion of the income from the sale
        • return it
    • Operating Lease: Similar to a Finance Lease, an Operating Lease allows you to rent the asset from us while you need it. The key difference between the two is that an Operating Lease is only for part of the asset’s useful life. This means you pay a reduced rental because the cost is based on the difference between the asset’s original purchase price and its residual value at the end of the agreement.

    To find out how Close Brothers Asset Finance can support your business with asset finance call: 01244 457 569 or visit our website www.closeasset.co.uk/manufacturing

    https://cdn.mtdcnc.global/cnc/wp-content/uploads/2020/11/10143744/12-IMG_0197-640x360.jpg

    Close Brothers helps Brand Consortia become ‘Covid-ready’

    Close Brothers Asset Finance has provided specialist designer and manufacturer, Brand Consortia, with a term loan backed by CBILS to help the business through the COVID-19 period, putting them in a positive position once site working is deemed safe again.

    Based in Oldham, Brand Consortia was established in 2010 and specialises in the design and manufacture of signs and graphics for high-profile customers. Prior to the COVID-19 outbreak, the business was on track to post a record year. However, the bulk of their order book was postponed for a minimum of eight weeks because of the outbreak with the main source of work postponed.

    Matthew Sproston, Area Sales Manager for Close Brothers Asset Finance’s Manufacturing division says: “We are delighted to have been able to support a British manufacturing business at a time they needed it most. The directors approached us for forbearance on their existing agreement, which was granted. They also needed a cash injection to provide working capital and help cover the new costs associated with adapting to social distancing measures in their manufacturing facility. The funds will provide the working capital they require to trade out of the pandemic.”

    Brad Tupman, Managing Director, Brand Consortia says: “Pretty much the entirety of our workload has been suspended because the type of work we undertake involves site visits. These visits are critical to our work and have been pushed back until the pandemic settles down. We have supply agreements in place with our customers and we’re confident in fulfilling our orders once we’re allowed on site again.”

    “We weren’t eligible for the small retail grant, business rate relief or larger schemes and had been looking at CBILS as a financing option. We’re grateful Close Brothers Asset Finance really stepped up, continuing to help businesses like our own while other lenders were not looking to take on new customers.”

    Asset finance products:

    • Hire Purchase (HP) allows the customer to buy the equipment on credit. The finance company purchases the asset on behalf of the customer and owns the asset until the final instalment is paid, at which point the customer is given the option to buy it.
    • Finance lease: The full value of the equipment is repaid to the finance company, plus interest, over the lease period. At the end of the term, the company can choose to:
        • continue to use the asset by entering a secondary rental period
        • sell the asset and keep a portion of the income from the sale
        • return it
    • Operating Lease: Similar to a Finance Lease, an Operating Lease allows you to rent the asset from us while you need it. The key difference between the two is that an Operating Lease is only for part of the asset’s useful life. This means you pay a reduced rental because the cost is based on the difference between the asset’s original purchase price and its residual value at the end of the agreement.

    To find out how Close Brothers Asset Finance can support your business with asset finance call: 01244 457 569 or visit our website www.closeasset.co.uk/manufacturing