CASE STUDY: ROSE GROUP
Scania Financial Services optimises funding for Peterborough-based construction industry specialist's expansion drive.
Having been hit hard by the coronavirus pandemic and the accompanying economic downtown, the last 12 months has been a particularly tough time for the construction industry. For one firm though, the Peterborough-base Rose Group, it was also a time for take stock and prepare for the future. As a result, two of the company's divisions – Rose Aggregates and Rose Building Supplies – have now embarked on an ambitious programme of growth.
A key part of the plan has been to refresh its transport fleet, and five new vehicles have recently entered service, three with Rose Aggregates and two with Rose Building Supplies. The organisation has a long-standing relationship with Scania Financial Services (SFS), and despite the fact that two new skiploaders for Rose Aggregates would not carry the Scania badge, Rose once again turned to SFS for funding.
"We have tried a number of finance houses over the years, but my wife Justine, who heads up our accounts team, now looks to deal with SFS only," comments Rose Group Director Dan Rose. "The reason they are our preferred choice is simple – they are responsive, they are the fastest, they have no silly fees, and they are always there for us whenever we need them.
"Normally, we opt for a straightforward three-year lease purchase deal, but this time we wanted to retain capital within the business to help facilitate our expansion plans. So we asked our SFS Relationship Manager, Nick Hansen, what he could offer. The answer was CBILS, the Government's Coronavirus Business Interruption Loan Scheme. This allowed us to defer our deposit for a year and provided us with interest free finance for the first 12 months. It was exactly what we were looking for; a finance package which would provide a cushion from the outset and will ultimately save us in the region of £5,000 in interest over the coming three years.
"The other point well worth noting is that SFS took all the admin aggro away from us too. By relieving us of the paperwork, they made the entire process really easy for us. In fact, it was a totally painless experience – which is certainly not something you can say about every encounter businesses have with financial services providers!"
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