Competitive finance for machine tools
Thanks to 600 Group, new machine tools and equipment can be purchased and installed “free”.
The Group is defying the current economic headlines and against the trend of the present credit crunch is still making competitive finance packages available. Designed to enhance a customer’s business, the finance packages are each tailored to suit the requirements of the individual customer, be it a large or a small company, and aim to have at worst neutral cash flow impact, so that new machines can be installed for no additional monthly cost. The Group is able to offer the packages because of its long association with Close Asset Finance and the jointly operated 600 Finance.
Although the manufacturing industry is still busy, with many companies needing additional capacity or latest technology machines and equipment in order to improve competitiveness and/or take advantage of prospective new business, funding new machines is inhibiting companies from purchasing. This is clearly detrimental to the individual company and is potentially injurious to the UK industry’s ability to compete effectively with off-shore competition. To overcome this, 600 Finance is creating finance packages tailored to an individual customer’s financial circumstances so that the package has a neutral impact on cash flow, ie the current outgoings are not increased. Typically, a package will be created for new machines or equipment but amortizing within the repayments any other finance arrangements which are in place. This ensures that outgoings are not increased despite gaining the additional capacity and earning capability of new machines. In some circumstances, by restructuring the finance a cash injection for the business can also be negotiated within the new package, giving a company the advantage of ready cash should, for instance, additional materials also be necessary to take on a new contract.
600 Finance remains “Open for Business” while its competitors are becoming ever more stringent because Close Brothers plc, the holding company which owns Close Asset Finance, has traditionally taken a more conservative approach to finance, avoiding overly leveraging the company and is therefore now in a position to over-ride the difficulties faced by other credit companies.
Machine Tools Divisional Managing Director, David Richardson, says “To remain or become competitive, to grow and flourish and win additional business - a manufacturing company has to invest in new technology. We are making that possible by providing very affordable, flexible finance packages. 90% of new machines and equipment installed in the UK manufacturing industry had been financed. We are an audacious, confident company, serving the customer in every way can. We are always prepared to take a fresh approach to our business and that of our customers. The finance packages we offer through 600 Finance are a typical example of that”.
The 600 Group offers the packages in support of customers for machines tools from 600 Centre, including its home-manufactured Colchester-Harrison lathes, Electrox laser marking systems, Pratt Burnerd International and Crawford collets workholding systems and Gamet bearings.
For further information, contact:
Mick Lawton (Marketing Services Manager)
+44 (0) 1924 415000
Mary Hollingsworth (Hollingsworth Enterprises)
+44 (0) 1773 836757
