Woodworking and joinery remain an essential part of the UK manufacturing industry, representing nearly £4 billion spread across 5070 firms, ranging from small family businesses to large corporations. Operating throughout the UK, they provide genuine employment opportunities in all parts of the UK that are often areas of high unemployment.
Close Brothers Asset Finance’s team of woodworking specialists has for many years provided tailor-made finance packages and Refinance by way of Sale and HP Back to firms that needed an affordable way to spread the cost of the assets they need to help their business succeed.
One such business is West & Reid, a London-based furniture and cabinetmaker, which Close Bros helped to enhance its bespoke interior design offerings to customers.
With over 20 years’ experience between them, craftsmen and designers Malcolm Weir and Tom Jarvis established West & Reid to manufacture bespoke kitchens and residential interiors.
A website image demonstrating West & Reid's hiqh quality craftsmanship
“To move the business forward, Malcolm and Tom wanted to increase capacity and offer their customers the latest technology, which would help them produce outstanding quality kitchens and enhance their offering,” explained Richard Randall, area sales manager, Close Brothers Asset Finance. “Investing in a new SCM Morbidelli N100 CNC router would help them to achieve this.”
After contacting the asset manufacturer – SCM Group – with their requirements, they were advised to contact Richard, who adds: “Because this was a large purchase, getting finance arranged was critical.
“I met with Malcolm and Tom within a few days of the initial contact to assess their requirements, shortly after which I proposed a hire purchase agreement, which in turn was underwritten in less than 48 hours. I also offered them a VAT deferral because the arrival of the machine did not coincide with the end of West & Reid’s VAT quarter.”
West & Reid was able to move forward with its plans with finance from Close Brothers
This VAT deferral aided West & Reid’s cash flow while they waited for the VAT to be reclaimed.
Malcom Weir comments: “Thanks to Richard and the team at Close Brothers, the quick set up of finance meant we could purchase the SCM machinery and move West & Reid forward with its future plans.”
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www.closeasset.co.uk/woodworking
