Ross Trevethan runs his own company, RZT Ltd, in Cambourne. As a landscaping, agricultural landscaping, groundworks, civil engineering and construction services provider, Ross started the company just over three years ago – and business has been booming ever since.
Earlier in 2017, Ross decided it was time to take his business to the next level and focus on expansion and diversification, but he needed some extra funds. He began exploring various business loan options and contacted Ignition for advice.
Ross said of the help given; “When I spoke to Ignition, they suggested I use some of my existing machinery as collateral for a loan. I realised that my business already had substantial assets, which could be used to unlock additional funds to help move the business forward.”
Essentially, Ross was able to sell two tractors and a JCB wheel-digger to Ignition for a lump sum, and make regular payments for the hire and eventual re-ownership of the equipment.
“It was remarkably simple and easy to arrange; it was all set up within seven days. We’ve been able to purchase additional equipment and have already taken on more contracts as a result.”
Paul Caunter, one of Ignitions’ directors, said many business owners don’t realise that asset finance solutions can be available for assets they already own.
“Asset finance is suitable for businesses wanting to purchase new and used vehicles and equipment, but it’s also a viable option for those who own valuable equipment and want to release more equity.
“We’ve helped many SMEs benefit from refinancing in this way. It’s a sensible solution for businesses looking for some extra funds to help them grow.”