Where do you turn if you see chances for expansion in your company but don’t have enough immediately available working capital to pursue them?
Close Asset Finance is a significant merchant banking business in the United Kingdom that offers lending, deposit taking, wealth management services, and securities trading. Since 1987, they have provided various flexible lending alternatives, investment management, and financial advice to UK SMEs.
The Close Brothers business has nearly 3,000 employees, mainly in the United Kingdom. It is listed on the London Stock Exchange. Learn more in this Close Asset Finance review.
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Close Asset Finance Overview
Close Brothers Asset Finance was established in 1987. Since then, they’ve evolved and extended to include offices in Wimbledon, Chester, Burton, Glasgow, Sidcup, and Manchester, in addition to their flagship office in Wimbledon.
They stay focused on markets and services that they are familiar with, just as they were in 1987. They’ve built long-term connections with their customers so that they can thoroughly comprehend their complex business procedures and assist their long-term growth. Asset finance providers are unique in the same way that no two firms are the same. The distinction with Close Asset Finance is the mix of their people, products, and principles.
The Close Brothers Asset Management personnel are asset finance professionals. They also have in-depth expertise in your industry and are updated with the current news and insights. Because of this, their workforce is well-versed in the issues that their consumers confront. You can count on them to be a reliable and proactive point of contact during the life of the financial contract and beyond, helping you create long-term partnerships.
Their simple products and financial services are intended to encourage business investment and expansion. They don’t offer typical packages; instead, they analyse all critical parts of your organisation before customising flexible repayment plans to fit your needs. Their asset finance allows you to invest in new equipment or refinance existing assets to make them work harder for you with less capital outlay.
The Close Brothers Group is dedicated to assisting its clients in making sound financial decisions. They make lending decisions based on their entire health and plans, not just their credit score. But they’re also cautious lenders, and a decision that ignores risk concerns and broader market pressures aren’t in anyone’s best interests. They can respond swiftly to your requests for information and loan choices because they have local employees across the UK and Ireland. They strive to decide within days, if not hours.
Close Brothers has procedures and training to guarantee that their employees can recognise vulnerable consumers and treat them respectfully during their interactions with them. This is still a priority for them, as seen by their consumer forums and regular thematic assessments of their behaviour.
They are committed to treating their suppliers properly because they are an essential component of the service they deliver to their consumers. As a result, they are glad to keep their Chartered Institute of Procurement and Supply Corporate Certification for Ethical Procurement (CIPS).
Services Offered By Close Asset Finance
Close Asset Finance is a company that specialises in asset financing. Asset finance is a flexible method of lending that allows your company to get the equipment, vehicles, plant, and technology it needs to function and grow without sacrificing cash flow.
It can be used to purchase both new and old assets and unlock the value of those you already own. In recent years, asset finance has become the fastest-growing funding option for firms of all sizes and across all industries. Asset financing is a word that refers to a variety of funding options, including:
- Hire Purchase
- Refinance / Capital Release
- Finance Lease
- Operating Lease
The types of asset finance Close Brothers Asset Finance offers are:
Hire Purchase
Hire purchase allows you to purchase an asset while paying for it in monthly instalments over a predetermined period (the term). You have the option to buy the asset outright after the term. It allows you to stretch the expense of your investment throughout the asset’s lifetime, making budgeting easier. Hire purchase is particularly well suited to acquiring resellable cars, machinery, construction, and commercial equipment.
The benefits of Hire Purchase are:
- You can spread the expense across the asset’s lifetime to have more time to pay back.
- You can plan your repayments to allow for seasonal cash flow swings.
- You can keep control because you are the asset owner and can typically claim capital allowances for tax purposes.
- Hire purchase interest and charges can be deducted from pre-tax profits, making it tax-efficient.
- You can reclaim VAT.
Refinance/Capital Release
Refinancing (Capital Release) is a fast way to get cash out of assets on your current balance sheet and put it to work elsewhere in your company. For example, to pay for a down payment on new equipment or to improve cash flow.
Sale and HP Back is a refinancing that can be applied to a wide range of equipment, making it ideal for businesses of all sizes, including sole traders. Close Brothers buys the asset and then sells it to you for a profit. Repayments are determined based on the asset’s expected income stream, and at the end of the refinance period, you own the asset.
Whether you currently own the asset or utilise it through a finance agreement with another supplier, this option is available. The benefits of refinancing or capital release include the following:
- It is efficient, and you can have uninterrupted utilisation of an asset.
- Closet Brothers can take over your existing finance agreement with another provider and extend the term.
- You can give your company a cash injection or use the funds to purchase additional items not available through hire purchase or lease agreements.
Finance Lease
Finance Lease agreements from Close Brothers allow you to use the equipment you need without buying it completely. You hire it from them for the duration of your stay. The rental time can be customised to fit your needs and financial flow. You will pay them the total cost of the asset, including interest, during this time. Then, when your primary lease period expires, you have the option to:
- Enter a secondary rental time to keep using the asset.
- Get profit from the asset by selling it and keeping a percentage of the proceeds.
- Return it to them.
Operating Lease
Like a Finance Lease, an Operating Lease allows you to rent an asset from a firm for as long as you need it. The main distinction is that an Operating Lease only covers a portion of the asset’s useful life. You will pay a lower rental fee since the cost is based on the difference of the asset’s original purchase price from its residual value by the end of the agreement.
You gain complete access to the asset for as long as you need it, without worrying about selling it or recovering its residual worth. The following advantages of an Operating Lease include:
- Low initial investment or rapid access to the asset you require without a large initial expense
- Having freedom or full use of it without needing to own the asset outright
- Having the choice to re-rent, purchase, or return the asset at the end of the term
- Paying less or lowering the rental cost because it is calculated as a percentage of the initial capital cost
- Financing from sources other than the balance sheet
- Saving money by recovering VAT on rentals
Close Asset Finance Contact Details
Close Brothers Group has industry specialists positioned around the United Kingdom, allowing you simple access to local teams who can make swift choices specific to your business, discuss your financial inquiry, or assist you with an existing arrangement.
Transport and logistics – South
- Telephone: 020 3883 6205
- Address: Wimbledon Bridge House, 1 Hartfield Road, London, SW19 3RU
Transport and logistics – Midlands and North
- Telephone: 01283 809544
- Address: Suite B, First Floor, The Maltsters, Wetmore Road, Burton On Trent, Staffs, DE14 1LS
Manufacturing
- Telephone: 01244 458785
- Address: Unit D, Telford Court, Chester Gates, Dunkirk, Nr Chester, CH1 6LT
Construction
- Telephone: 01244 458319
- Address: Unit D, Telford Court, Chester Gates, Dunkirk, Nr Chester, CH1 6LT
- Telephone: 020 3773 6869
- Address: Marlesfield House, 2nd Floor, 114-116 Main Road, Sidcup, Kent, DA14 6NG
Scotland
- Telephone: 01355 887201
- Address: 2nd Floor, Orbital House, 3 Redwood Crescent, East Kilbride, Glasgow, G74 5PR
Aviation and Marine
- Telephone: 020 8390 9444
- Address: Wimbledon Bridge House, 1 Hartfield Road, London, SW19 3RU
Materials handling
- Telephone: 01244 458785
- Address: Unit D, Telford Court, Chester Gates, Dunkirk, Nr Chester, CH1 6LT
Media enquiries
For media enquiries, please contact Anton Nebbe, Head of PR.
- Email: [email protected]
- Address: Wimbledon Bridge House, 1 Hartfield Road, London, SW19 3RU
Close Asset Finance Reviews
Here are some reviews about Close Asset Finance:
Close brothers financed my first motorcycle, service has been friendly and hassle-free from the start and they even temporarily paused the payments when I lost my job through lockdown last year. I highly recommend it to anyone wanting to spread the cost out on their new vehicle. –Stephen E Dixon
The brilliant company was very quick without any hassle and I’ve had a few things with them and no problems at all thanks again. –Darryl Page
I had finance in place to purchase the vehicle I wanted before visiting the garage, however, the salesman said can I try and get a more competitive rate, I said yes ok, and surprisingly Close brothers came back with more competitive terms and monthly payments. It was a no brainer I had to go with Close brothers. Their follow up after sales are also second to none. –Jeffrey Bluck
Summary
According to this Close Asset Finance review, Close Asset Finance’s goal is to help people and businesses in the United Kingdom prosper in the long run. They work with a wide range of companies of all kinds to assist their growth, upgrade existing infrastructure, or invest in new assets, and they have a thorough grasp of their customers’ needs and the markets in which they operate. Their relationship managers are always available to discuss any problems or requirements you may have, as well as to ensure that you have access to the funds you require when you need it most.
Full List Of Asset Finance Companies
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