Close Asset Finance is a wholly owned subsidiary of Close Brothers Group PLC. The business operates in the funding of assets for (mainly) SME’s in the UK. The Manufacturing Finance Division operates predominantly in the machine tool sector, funding both new and used machine tools and associated equipment.

Products and services

Close Asset Finance has a wide and varied product portfolio:

• Hire purchase
• Finance lease
• Operating lease and Rental
• Sale and HP Back – known as Capital Release
• Contract hire
• Short and long term rental agreements
• Machinery breakdown protection packages

“Capital Release”

One of the largest obstacles to investment by SME’s operating in the manufacturing sector is their lack of both cash and credit rating. Both due, in the main, to the general economic climate experienced by many small manufacturing businesses in the last 2 years or so. A lack of cash and financial credit standing can seriously hold back a business who wishes to invest in new technology in order to progress.

In response to this, Close Asset Finance has developed its product, “Capital Release”, which enables a business to use the true value of their unencumbered assets in one of two ways:-

1. Making way for new Investment:

An existing asset is used as collateral to enable investment in new equipment to go ahead. Typically, in today’s market place, a business may have little or no deposit to use in order to secure funding on a new machine. Using Capital Release, assets can be used instead of “cash” to gain acceptance of credit facilities to help fund a new investment.

2. Raising additional working capital:

Existing assets can be used to raise valuable working capital to inject into a business. Often this is at a time when new investment has taken place and the capital will be used to fund other working capital requirements to support the investment in the new equipment.
 

At the end of the finance period, title and equity in the assets reverts fully back to the customer. In some instances, this will enable them to use the assets again in a similar way to arrange additional finance on a future new project.

Contact Details:

Steve Gee

Close Asset Finance Ltd
Unit D
Telford Court
Chester Gates
Dunkirk
Chester
CH1 6LT

Tel: 012 4485 3430
Email: sgee@closeasset.co.uk
Web: www.closeasset.co.uk