Case Studies
Local Hampshire printing company's financial approach is one to copy
At a time when most printing companies are fighting to maintain the status quo, one company - Kent Edwards - has bucked the trend and is currently dusting off expansion plans, thanks to the assistance of Lloyds TSB Commercial Finance.
Challenges like increased competition and falling prices have forced the print industry to look at new ways to improve productivity and the quality of production, while at the same time concentrating on slimming down costs. "Strategic business advice from Lloyds TSB Commercial Finance has undoubtedly been one of the main contributing factors to the success of our business as the team enabled us to overcome industry pressures and invest in new print equipment. This enables us to keep ahead of the competition and provide a "fast track" service," said Mike Kent, managing director of printing specialists Kent Edwards who are based in Bordon, Hampshire.
David Greenslade of Lloyds TSB Commercial Finance introduced Mike Kent to asset finance, a service which enables companies to obtain funding for the purchase of assets needed to run and grow their businesses successfully. With this, Mike was able to purchase a 10 colour BI printing press, costly equipment which guarantees flexibility and was more suited to their requirements.
"Rather than suffering what could be a significant drain on its working capital through an upfront lump sum payment, with asset finance, Kent Edwards was able to ease its cash flow through regular payments over an agreed period of time," said David Greenslade.
Mike Kent has also made use of invoice discounting, a flexible form of finance that provides funds by releasing money against unpaid sales invoices. "Up to 85% of the invoice value is advanced within 24 hours of an invoice being raised. The remaining balance is made available when your customer settles the outstanding invoice," said Nigel Jackson, regional manager, Lloyds TSB Commercial Finance.
"We are looking forward to a successful future and have already hired a quality team of sales people who are able to pull through greater volumes of work in order to fill our print capacity. Nigel and David at Lloyds TSB Commercial Finance and Simon Blackbourn at Lloyds TSB Corporate have been extremely helpful during this difficult time for the whole industry and have steered us in the right direction," concluded Mike.
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
Lloyds TSB Commercial Finance is part of the Lloyds TSB Group plc.
