• Mon. Feb 26th, 2024

North East Connected

Hopping Across The North East From Hub To Hub

Asset finance helps rental company increase contract value ten-fold

Anglo Scottish Asset Finance has secured finance in excess of £500,000, to allow Europe’s leading modular retail rental specialist, Rapid Retail, gain contracts with a number of well-known brands.

The finance was procured for three separate contracts, with £300,000 helping to secure a contract with CO OP, Barking, £100,000 to provide a shirt printing facility to one of the UK’s largest premier league football clubs and £110,000 to provide a fitting for Millwall Gymnasium.

Having previously engaged with a local broker, Anglo Scottish has been broker-of-choice for Rapid Retail for five years, helping the company increase the size of its contracts ten-fold, with asset finance lending for contracts increasing from £25,000 up to £350,000, to deliver against larger works secured by Rapid Retail.

Based in Pershore, Worcestershire, Rapid Retail design and create pop-up shops, portable buildings and container conversions to provide retail, catering and facility solutions for sports venues, supermarkets, events and shopping centres. Its bespoke modular portable buildings are available via rental contract and the company has worked with a number of well-known brands including Arsenal FC, Ascot, Reebok, NFL, CO OP and Greggs.

Established in 2007 and with headquarters in Chester-le-Street, County Durham, Anglo Scottish is an independent business finance broker, providing a range of financial services across the UK including asset finance, business loans and vendor and dealer finance, as well as personal vehicle solutions and vehicle sourcing.

Nick Daffern, managing director, Rapid Retail, said: “Anglo Scottish is the cornerstone of our business, enabling us to constantly grow and push for bigger contracts. Working with the company has allowed us to focus on what we do best, delivering an exemplary service for clients.

“It has a plethora of lenders and an expert team that always find the best deal. Anglo Scottish is a champion for every sized business, whereas banks are more aligned to working with larger corporations and have strict criteria for lending which most small to medium-sized enterprises simply cannot meet.

“Thankfully, Rapid Retail remained in a strong position throughout the pandemic, despite the closure of sporting venues, a main area of rental income for us and business is now booming. The business landscape has pivoted during the past couple of years and now, more than ever, organisations are dedicated to finding innovative ways to improve customer experience, one being pop-up outlets. Renting these outlets keeps risk low and some of the benefits include allowing clients to test new products, sell merchandise and ease queuing times.”

Warren Badger, commercial director, Anglo Scottish Asset Finance, said: “Rapid Retail is experiencing exponential growth and we are currently working with the business to put in place a plan for the next seven years of funding, to allow for seamless expansion.

“Building lasting relationships is the foundation upon which Anglo Scottish has been built and we do this by continually communicating with our clients to ensure we have their every need covered. Unlike more traditional lending routes, in the case of Rapid Retail, we are able to include the end user in the lending criteria equation, meaning that the finance agreements we establish go off more than just the balance sheet of Rapid Retail.

“Assisting Nick to grow his business over the past five years has been a pleasure, watching the company go from strength-to-strength and establish itself as Europe’s leading modular retail specialist is testament to the quality of service provided by Rapid Retail and Anglo Scottish has helped make this a reality via asset finance funding.”