Take a look at our Summer Newsletter for the latest news and views from the Ignition team. Click here to view.
Hospitality sector benefits from Summer Economic Update
The Chancellor’s Summer Economic Update to Parliament last week introduced a number of measures to help the economy recover, including a particular focus on the hospitality sector.
- VAT cuts
VAT will be cut from 20% to 5% on food from restaurants, cafes and pubs, accommodation in hotels, B&Bs and campsites, and attractions such as cinemas, theme parks and zoos.
- Voucher Scheme
A new ‘Eat Out to Help Out’ scheme is to be introduced in August, encouraging consumers to eat out at restaurants in return for a discount of up to £10 per head.
Many of our customers in the hospitality sector in the South West have been hard-hit by lockdown and are pleased to be finally opening and getting back to business. This additional financial help, along with an incentive to encourage diners back to restaurants, will be welcomed by many. Let’s hope it can help everyone enjoy the summer and get the wheels of business turning for those in hospitality again.
Back to business with commercial loans
Managing Director, Paul Caunter, explains how businesses can access commercial loans to help survive the current crisis:
“SMEs are crucial to the UK economy, but many are now facing unprecedented challenges, with some diversifying, some working at reduced capacity, some closed for the foreseeable future, and others taking the first steps to resume trading.
Thankfully, financial support is available to help all businesses navigate these difficult times, and there are many suitable and affordable options for those that need help with extra funds.
Ignition can help by providing unsecured Commercial Loans for working capital. These can range from £25,000 to £350,000 depending on your needs and can be used for almost any business purposes. Some commercial loans will qualify for the government’s Coronavirus Business Interruption Loan Scheme (CBILS) and can benefit from both a 12 month payment holiday plus 12 months interest free.
We have many examples of businesses that have come to us to organise loans for specific projects or to help with cash flow, from a specialist contractor opening a new office, to a car repair and MOT centre needing extra funds, to a marine centre looking to purchase land to extend its waterside premises, to an electronics manufacturer requiring a bridging loan whilst waiting for an EU grant.
We can also offer Invoice Financing, which helps with cash-flow when waiting for large invoices to be paid. Underhill Building Services, a service provider of building and maintenance support across the South West, was being held back waiting for substantial payments, and is now benefiting from an Invoice Factoring package put together by Ignition in conjunction with Lloyds. Whenever the company raises a large invoice, it receives 70% of the value in funds within just 36 hours. Then once the customer pays in full, Underhill receives the remaining balance, minus the agreed fee.
If your business could benefit from a commercial loan or invoice finance, please contact our team to discuss your needs.”
Finance 2020 vlog
View the vlog by our Managing Director, Paul Caunter, which was put together for the PKF Francis Clark Finance 2020 e-vent.
In this brief video, Paul answers the following questions:
Q1. Give an overview of recent developments and how you will be looking to provide funding to support businesses during the post COVID-19 recovery?
Q2. Top tips for potential applicants looking to secure funding to support their post COVID-19 recovery.
Q3. The importance of funding for SMEs post COVID-19, and the role it plays in the overall jigsaw of funding solutions?
Refinancing for business security
R. James & Sons Plant Hire Ltd is a family business operating out of Camborne in Cornwall since 2015, providing plant hire services and supplying aggregates for local building projects. Owner, Ian James, has accessed asset finance through Ignition over the years to help purchase essential equipment to successfully grow the business.
However, when the Covid 19 crisis hit earlier this year, like many others Ian became concerned about helping his business survive the lockdown, particularly with so much uncertainty around how long restrictions would last. He comments:
“It has been a very worrying time. At first, we weren’t sure whether business would dry up and were concerned that some of our customers may not be able to pay outstanding invoices.”
Ian contacted Ignition and was able to refinance a 14 tonne Doosan Excavator, releasing some funds to ease finances and help with cash-flow. It involved selling the excavator to Ignition for a lump sum and then making regular payments for hire and eventual re-ownership.
Ian continues: “Fortunately, we have been able to continue working on some demolition projects, where social distancing is possible. With just three of us working on the job with separate diggers and a crusher, and paperwork completed electronically, we have been able to safeguard our staff and customers.
“However, it has been very reassuring to have the back-up funds from the refinancing deal to keep us ticking over and to know that Ignition are there on the end of the phone to help further if things get tough. The team at Ignition are quick and efficient, and I trust them to give me a good solution for my business. I wouldn’t go anywhere else for help with finance.”
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