Close Brothers Asset Finance has been championing the UK’s small businesses for over three decades, including those working in furniture and joinery production. Here Close Brothers takes a closer look at how it helped Boardland, a family-run manufacturing and joinery firm, upgrade its capacity while also developing their online offering.
From its factory in Northamptonshire, Boardland manufactures a wide variety of products, including cut panels, skirting boards, architraves, door frames, cupboard doors plus many other products from MR MDF (HDF), softwood and hardwoods.
A few years ago the owners, in their own words: “Felt the time was right to move with the times and offer an online service.”
The service – Boardland.co.uk – was developed to offer customers a fast-track, bespoke facility at competitive prices, providing delivery throughout the UK.
To further enhance its services, Boardland needed to upgrade its CNC capacity by acquiring an SCM Sigma Prima 67 beam saw. A quick finance solution was required but with a flexible deposit because the business was investing heavily in the new website.
Following a meeting between Boardland’s managing director, Derek Rance, and Close Brothers Asset Finance, a 60-month structured Hire Purchase and Sale and HP Back was agreed, including a £0 deposit with security taken over existing machinery and equity released in the assets for VAT, leaving cash flow unaffected.
The outcome
CNC services are now being advertised on the new website, helping to increase production capacity and profit margins.
Derek comments: “We already had a long-term relationship with Close Brothers Asset Finance and know that they work closely with key suppliers enabling them to make quick decisions and turn things around quickly, so they were naturally our first port of call. The finance product offered enabled us to invest elsewhere, including the website, and delivery of the machinery was made within the same week of the order.”
