Finding the right provider can be tough for many firms as it demands a high level of commitment and trust, especially when a business’s ICT infrastructure is at stake.
When Carpenters began looking for a provider, they wanted someone who intimately understood the sector and were able to meet all their demands, that is why they got in touch with Wesleyan Bank about cash flow finance loans and have remained in contact ever since.
Carpenters is a specialist claimant personal injury law firm located on Wirral, Merseyside. Now one the largest firms in its sector, the partnership has experienced rapid growth since its formation, particularly in the past 18 months during which time the staff head count has more than doubled. “Wesleyan Bank is our preferred partner when seeking funding for our all our major capital expenditure projects. We have complete confidence that they will secure us the best rates available in the market place and that they will manage each transaction with meticulous care from start to finish” says Gordon Spence, Finance Manager.
Wesleyan Bank funded Carpenters’ very first IT project, as Gordon explains:“As with any new business, cash management is a key factor in determining success during the start-up period.
With this firmly in the minds of the partners, Wesleyan Bank were approached with the brief to find a cost effective, cash friendly solution to funding the firm’s first major IT project. It was essential that the funding package encompassed all elements of the project: hardware, software, installation and training. Wesleyan Bank delivered on this brief and from that day onwards have been a key advisor on and facilitator of finance for our major capital projects”.
The management team at Carpenters strongly believes that cash flow finance loans make sense for capital projects, especially during times where the capital infrastructure needs to expand rapidly in order to support the overall strategy of a business. Gordon notes:“The firm has long been an advocate of financing major capital projects given the short and long term benefits to us. We are able to spread the cost of large capital outlays over periods which match the lifetime of the asset. We also have confidence that the transfer of title fees will be negotiated at reasonable rates by Wesleyan Bank should we opt to lease the assets rather than signing up to a straight hire purchase deal. Although there is a cost to the debt, this is tax deductible which we view as an additional benefit”.
“Our relationship with Wesleyan Bank is a strong one” explains Gordon. “We have an approachable, down to earth relationship manager in John Clarke. The service we receive from John and his support team is consistently of a high standard.
It seems that no matter what our requirement, Wesleyan Bank can accommodate it. The relationship we have with Wesleyan Bank allows us to quickly assess the feasibility of funding potential projects. For example, we recently asked John to appraise a significant office expansion project which included IT and office equipment purchases from three suppliers.
Within a week we were provided with a funding solution backed by various underwriters, the deal being structured in such a way as to best suit both Carpenters and the relevant suppliers. The clear and transparent dialogue we had with Wesleyan Bank during that project gave us confidence that we had signed up to the best possible deal at that time.
Also of note is that more and more of our suppliers are forging relationships with Wesleyan Bank which makes the completion of our transactions even more straight forward. Wesleyan Bank has helped us move with the times, growing our business and giving us predictability over our cash outflows”.