Sean Thorn, Business Development Manager at Aldermore, worked with Steve Price at Ilsley Finance to ensure a smooth process. Sean comments “The purchase will see a significant increase in productivity for Sturdy Print and it’s important that the funder understands the equipment, how it fits in with the client’s business strategy, and what if any risks are inherent in such a major purchase decision. Aldermore’s asset management team undertake extensive work in understanding the asset to ensure that a commercially-acceptable rate is provided, one which reflects the importance and size of the transaction but equally protects Aldermore’s commercial position.”
“The transaction was eventually agreed at a competitive fixed rate over a 60 month period, with the automatically included option (not actually taken up) of a VAT deferral within the contract so that Sturdy could, if necessary, have mitigated the cash flow implications of a £100,000 VAT cost.”
Ilsley Finance approached two banks to discuss the transaction and obtained sanction from both, but in the end Aldermore’s straightforward contracts and their speed of service came out the winner. Steve comments, “I’ve been dealing with Aldermore for 4 years or so and in that time have discovered them to be knowledgeable, flexible, prompt and competitive. I like to think too that I’ve established a reputation with them for knowing what I’m doing – it’s important to me that Aldermore recognise my experience and this probably explains my high acceptance and conversion rates.”