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Ignition has won the title of Top Specialist Car Funder at the glittering Leasing World Gold Awards 2021 held in London this month.

Over the last 18 months Ignition has assisted with the purchase of more than 80 specialist cars with a total purchase value of £10 million – including £210,000 finance towards a Ferrari 488 Pista and supporting the purchase of an Aston Martin Vanquish which previously belonged to the Royal Family.

Ignition has been providing finance for high-value prestige and classic cars for more than two decades and has built an excellent reputation across the UK for tailoring financial solutions to meet each customer’s unique circumstances. 

Celebrating the win, Paul Caunter, Managing Director at Ignition, said: “We are absolutely delighted to receive this award and it is testament to the hard work and dedication of the team. We understand that the purchase of a prestige car often means so much more to the customer than a straightforward business transaction and can mean fulfilling a lifelong dream.  Providing a quick and efficient service is paramount and can make all the difference in securing that dream car. We feel privileged to be able to provide the financial solutions to enable these dreams to become reality and are thrilled to have our efforts recognised in with this award.”

Chancellor Rishi Sunak has announced a number of measures to support SMEs and encourage growth in his new budget.  Fortunately, the UK’s recovery from the pandemic has been stronger than expected. This has boosted tax revenues and reduced the requirement for financial support that was originally anticipated. In fact, the UK economy is now expected to grow by 6.5% in 2021, returning to its pre-pandemic level by the end of the year. GDP is forecast to increase by 6% in 2022.

• Recovery Loan Scheme extension

The Recovery Loan Scheme (RLS) was launched in April and is designed to support businesses affected by Covid-19 that require additional finance for business purposes such as managing cashflow, investment and growth.  Originally due to close at the end of the year, the Chancellor announced that this scheme will be extended until 30^th June 2022. Administered by the British Business Bank, the RLS includes a government-backed guarantee on business loans. This guarantee will be reduced from 80% to 70% to as the economy continues to recover. 

For more information on RLS and to see whether your business could benefit, click here. 

• Annual Investment Allowance extension

To further stimulate business investment and help businesses grow, the government introduced a temporary Annual Investment Allowance (AIA) throughout 2020 and 2021, providing tax relief for plant and machinery investments up to £1m.  This was due to fall to £200,000 by the end of the year but has now been extended to 31 March 2023, providing a significant boost to businesses considering investing in the months ahead.

• Business Rates changes

The Chancellor also announced a series of changes to business rates including a pledge to introduce business rate exemptions for eligible plant and machinery used in onsite renewable energy generation and storage, and a 100% relief for eligible heat networks from 1 April 2023 until 31 March 2035.  

There was also some good news for the retail, hospitality and leisure industries with the introduction of temporary business rates relief, meaning businesses in these sectors will receive at least 50% off their business rates bills in 2022/23.

• The Global Britain Investment Fund

Innovative UK businesses are also set to benefit from a £1.4 billion investment fund – The Global Britain Investment Fund will provide grants to encourage internationally mobile companies to invest in the UK’s critical industries, including life sciences and automotive. This will include £354 million to support investment in life sciences manufacturing, increasing resilience for future pandemics, as well as £800 million investment in the production and supply chain of electric vehicles.

• Alcohol duty reforms

Finally, the budget also brought some additional good news for the hospitality industry with alcohol duty reforms promising a more simplified system and hopefully some duty savings to come.

Ignition, a leading UK provider of vehicle and asset finance, is supporting an exciting new start-up in the prestige car sector. PaddlUp is a brand-new auction house for prestige and supercars, blending the ease and efficiency of an online auction site, with trusted physical environment for viewing the cars.

Run by businessman and serial supercar owner, Joe Priday, and dealer group expert, Tim Mayneord, PaddlUp is in good hands.  The pair’s approach is to provide customers with a stress-free and risk-free purchasing experience. Whilst the car auctions take place online, an impressive PaddlUp showroom has been created near Malmesbury to showcase the vehicles and provide a reassuring, high-end purchasing experience. This has been enhanced by the creation of an exclusive members club, PaddlUp Motion.  As well as storing the cars, and providing viewing opportunities, the showroom features a members only Motion lounge, coffee bar and exciting race simulators.

Ignition was recognised by the entrepreneurs as an expert in the Prestige Car financing sector and was approached to help fund more than £300,000 for equipping the show room with simulators, furniture and soft furnishings.  This was achieved with a tailored financial solution involving three funders.

CEO, Tim Mayneord, comments: ‘The approach from the Ignition team has been refreshing. Their understanding of our unique business model, which features a state-of-the-art online platform coupled with sumptuous physical premises, has made getting access to capital stress-free.’

For more information on PaddlUp visit www.paddlup.com .