Guest Expert Richard Sorsky talks about the benefits of asset finance for the restaurant and catering industry.
The restaurant and catering sector is perfectly suited to the service of asset finance. Companies looking to make a sizeable capital outlay on a large piece of equipment, finance conversion of a restaurant or leisure space or even re-financing should make it a priority to consider the benefits of using asset finance as a means of attaining their goals.
The process is made simple by having any equipment acquisitions financed. All the business has to do is to choose the equipment that they require and then give instruction for these items to be financed.
So the theory goes, you pay for the equipment with the income it generates or the costs saved, helping you to maximise your working capital. This can also release cash tied up in existing equipment to invest elsewhere in your business. To start the process you would need to provide:
New Starts
> Business plan and financial projections
> List of equipment required / Schedule of works
> Details of directors / business owners
Existing Businesses
> List of equipment required
> Last set of accounts or management accounts
> Last 3 months bank statement of the business
> List of equipment required / Schedule of works
> Details of directors / business owners
Whether you’re an established business, a new start venture or somewhere in-between, all business requirements are considered greatly when a finance plan is being tailored.
My experience working within a growing business tells me that there needs to be an understanding for quick decisions and efficient service. Furthermore, a speedy application processes for re-financing, where you have funds paid directly into a bank account on tangible assets purchased within the last two years, is paramount to the success of such systems.
Richard is the Managing Director of Gable Asset Finance, a business finance brokerage specialising in asset and equipment finance. Richard has over 20 years’ experience in the finance industry and is focused on driving the company forward to ensure its continued success as the UK’s leading finance company specialising in this niche market.
t: 0208 371 5973
m: 07956 156 354
e: richard@gableassetfinance.co.uk
w: www.assetequipmentfinance.co.uk
