With huge uncertainties over Brexit, our Managing Director Paul Caunter gives some advice on how your business can prepare for the storms ahead.  Click here.

The Truro-based provider of vehicle and asset finance for UK SME’s, Ignition, has made the Western Morning News Fast Growth 75 list for the fifth consecutive year, and has been placed in the top 20 for the second year running.

Compiled in partnership with accountancy firm KPMG and law firm Stevens Scown, the list is the ‘who’s who’ for businesses in the Devon and Cornwall region that have grown and expanded, creating jobs and wealth.

To be included in the list, companies need to have a registered office and to operate from Devon or Cornwall, have a turnover greater than £100,000 in the first of the four years’ accounts reviewed and over £1 million in the latest year, and have a consistent reporting structure throughout the four years.   All the companies that met these criteria were then ranked by mean sales growth over the four-year period to arrive at the final list of 75.

Ignition’s Managing Director, Paul Caunter, comments:

“We’re immensely proud to have made the Fast Growth 75 list again, and to have equalled our 19^th position.  The list tends to change significantly every year, with more than half the companies included this year not ranked last year.  This makes it all the more remarkable that we have featured consistently for 5 years and kept our place near the top of the table.

“Our continued success comes from the strength of our team, our commitment to the business, and the excellent service we offer our customers.”

To view the full list of companies click here.

Paul Caunter reviews the 2018 Autumn Budget and explores the measures most likely to affect SMEs:

In Philip Hammond’s Budget announcement yesterday, the last before Brexit, he declared that ‘austerity is coming to an end, but discipline will remain’.  Over and above plans to boost public services, there were several measures of interest to the business world and SMEs in particular.

• Annual Investment Allowance (AIA) increase

Currently, the tax-free amount that businesses can spend on building and machinery is £200,000.  From 1st January 2019, this will increase to £1m for a two-year period. This will be welcomed by UK businesses and is likely to encourage spending and investment on fixed assets.  For those businesses with accounting periods straddling the 1^st January date, it could lead to some complex calculations.  Further information is provided on the Gov.uk website here.

• Business rates cut for retailers

All retailers in England with a rateable value of £51,000 or less will have their business rates cut by a third.  The move is expected to benefit around 90% of all independent shops, pubs, restaurants and cafes. A further £675m has been pledged for a Future High Streets Fund to help councils rejuvenate high streets.

• Apprenticeships fee halved

It was announced that the 10% fee that small businesses must pay to contribute to training when they take on apprentices will be halved to 5% as part of a £695 million package to support UK apprenticeships.

• Personal Allowance threshold increases

The Chancellor is raising the tax-free personal allowance threshold to £12,500, and the higher rate threshold to £50,000, bringing forward a former pledge to raise the thresholds from 2020. The Treasury says the move will cut taxes for 32m people.

• Brexit preparations

In light of growing uncertainty about Brexit, Mr Hammond announced an extra £500m to prepare for the possibility of the UK leaving the EU without a deal.  Faced with this scenario, he has acknowledged that a whole new Budget would be required. He also promised a ‘double deal dividend’ if the UK and the EU reached agreement over Brexit, which could result in further spend on public services.

For further information, contact the Ignition team on 01872 272900.

Read the latest news and views from the team at Ignition, in our Summer Newsletter

Truro-based Ignition, a leading provider of vehicle and asset finance for UK SMEs, is welcoming three new members to its growing team.

The company, which offers finance for a wide range of assets from plant and machinery to vehicles and business equipment, has been steadily expanding its workforce since its acquisition by Star Asset Finance Group in 2015. Under the leadership of new Managing Director, Paul Caunter, the new recruits will bring the number of Ignition staff to 23.

Andy Morris joins the team as a Senior Underwriter, bringing with him almost 30 years of experience in the financial services sector, most recently as a Senior Underwriter at Paragon Bank Business Finance.  Andy’s expertise in a variety of sectors including agriculture, construction, personal wealth, marine and aviation, will fit well with Ignition’s diverse and expanding client base.  He comments:

“Ignition offers a unique, personal approach when it comes to organising finance for its clients, seeking out the best solutions on a case by case basis.  I’m excited to be working with the team and helping to take the business forward.”

Ignition is also welcoming Alan Brookland, who joins as an Internal Broker Account Manager from Swinton Insurance in Camborne, where he worked as a Customer Services Manager.  Alan brings 13 years of financial services experience to the role, and will be using his interpersonal skills to focus on strengthening Ignition’s broker relationships.

Katie Geal has also been appointed as an Administrator, relocating to Cornwall from London where she worked in telemarketing at Towergate Insurance.

In addition, after 3 years at Ignition, Samantha Keen has been promoted from Management Accountant to the role of Financial Controller, taking up a key role as part of the management team.

Managing Director, Paul Caunter comments:

“We’re fortunate to have an exceptional team at Ignition, who are highly focussed on providing excellent service for our customers.  As a result, we have been identified as one of the fastest growing companies in the South West for the last four years, and have just enjoyed our best ever financial year.

“I’m delighted to welcome Andy, Alan and Katie to Ignition, to help further strengthen the team and build on this success.”