Professional Polishing Services (PPS) wanted to invest in new state of the art Italian machinery that could double the production output of their highly polished steel. But only a flexible finance solution would allow for stage payments to protect their cash flow.
PPS is the UK’s market-leading provider of contract polishing for stainless steel plates and sheet for a variety of industries. As a long standing family business, they decided to invest in their future success by purchasinga new double-headed line from Italy. But the unique circumstances of the manufacturing industry meant that a flexible funding solution was needed.That’s why their broker, go2assetfinance, turned to Aldermore.
Flexible equipment finance to ensure success for the future
Graeme Ferguson Parr, Operations Director of go2assetfinance comments: ‘Manufacturing kit is usually bought with 40% deposit, 40% on shipping and 20% when commissioning is complete, so funding is more complicated. Lead times can also be very long, but by using Aldermore’s unique offering, a flexible funding deal could be offered to create a flexible funding deal that protected our client’s cash flow.
Kirsty Davies-Chinnock, MD of Professional Polishing Services comments: “Our existing machine requires four weeks of essential maintenance each year. As we’re the only UK firm with this equipment, UK production effectively stops when we’re maintaining the machine! It was vital that we introduce a second line, which could cover the downtime and double our output. But our supplier in Italy had very specific payment terms, so I wasn’t sure we would be able to find an affordable solution”. Kirsty concludes:
Aldermore came up with a flexible solution that completely met our needs. They were keen to negotiate and communication was fantastic. Everyone worked together to achieve the best outcome for PPS and our supplier.
T&Cs will apply, subject to status and affordability. Any asset used as security may be at risk if you do not repay any debt secured on it.