Ignition, the leading UK provider of vehicle and SME asset finance based in Truro, has today announced the appointment of Paul Caunter as new managing director.

Paul, who has been with Ignition for more than nine years, was appointed as the new managing director this week. He takes over the position from Alan Tutte who founded the company in 2004. Alan remains committed to the continued success of the business through his investment in the Star group and will be supporting Paul in his new role through the transition period.

Paul is highly experienced in the industry, having been an instrumental part of Ignition’s growth and success to date. The company offers finance for a wide range of assets from plant and machinery to vehicles and business equipment. It provides flexible solutions either using its own funds or via joint trading relationships with a panel of major finance houses. Prior to joining Ignition, Paul spent 15 years managing large asset finance teams across London and the South East of England.

Commenting on his appointment, Paul said:

“I’m delighted to be taking over the helm of Ignition. The business is in a very strong position; our last financial year was by far our best on record, which we can attribute to a strong and focussed team, who continue to deliver great solutions and customer service to our clients, forging lasting relationships.

“I am looking forward to growing the team and taking the company to a new and exciting stage in its evolution. I’d like to thank Alan for his leadership in developing Ignition over the last years and his continued support. We’ll work together to ensure the company is in the best possible shape to build on our success and strengthen our reach across key regions and markets.”

The Star Asset Finance group (SAFL) is anticipating a strong year ahead and looking to further grow its workforce across the UK, it was announced today.

SAFL is the parent company to UK asset finance firms Ignition Credit, Kennet Equipment Leasing, First Capital Finance and Credo Holdings Ltd, who together financed more than £200m for thousands of SME’s across the country in 2017.

This year, the group has forecast the financing of £241m in new business finance, £84m of which will be Own Book funded, and is on course for £128m of receivables.

The group was formed in 2014 to consolidate the fragmented lease finance broker market, and has since grown considerably, both organically and through a series of acquisitions. It currently employs more than 150 members of staff across the country, and is looking to attract several additional members to its team, predominantly in key Sales and Sales Administration roles.

Steve Swift, CEO of SAFL, commented:

“Since the Star group formed in 2014, we have enjoyed significant growth and expansion with some key acquisitions, most recently welcoming Credo in July last year. Each of our businesses has an excellent track record in sales and customer service, which we have been able to build on as a team. Together, thanks to our nationwide coverage, we can see further growth potential in supporting SMEs across the whole of the UK.

“We’re keen to attract the right personnel to our team, and are welcoming applications from any finance and sales professionals who wants to join in our success story,” he adds.

For further information, contact Star Asset Finance at [email protected] or visit www.starassetfinance.com.

We’re delighted to be welcoming a new Account Manager to our growing team at Ignition.  Graham Mines joins us from Klober UK, a market leader in modern door and window products based in Huntingdon, Cambridgeshire.  His role there as Technical Sales Advisor involved extensive liaison with related businesses such as architects, builders and developers.

Prior to this, Graham gained considerable experience in the Asset Finance sector, working with CF Capital PLC as an Area Manager for more than 6 years.

Graham has relocated to Cornwall to join the Ignition team where he will be responsible for servicing existing clients and encouraging repeat business across all key business sectors.  He’s already enjoying the Cornish lifestyle and has succumbed to the call of the beach, settling in beautiful Hayle.

Paul Caunter reviews the 2018 Spring Statement and explores the measures most likely to affect SMEs:

Philip Hammond was clearly full of the joys of Spring this week when he delivered his statement along with bouncy Tigger analogies. Although not a full annual budget now that these take place in the Autumn, the statement provided some useful insight into the government’s fiscal plans, and plenty to interest SMEs.

• Late payments

Acknowledging that the late payment of invoices can cause considerable financial difficulties for small businesses, the chancellor confirmed he would be looking to introduce measures to help eliminate late payments.

• Entrepreneur tax

A consultation has begun exploring possible changes to VAT for small businesses following insight that the current £85,000 VAT registration threshold may be disincentivising entrepreneurs from growing their businesses. Possible measures include a gradual introduction of 20% VAT above £85,000.

• Business rates

The next business rates revaluation, originally scheduled for 2022 has been brought forward to 2021, meaning that businesses can benefit from the planned three-yearly rate changes sooner.

• Apprenticeships

Mr Hammond acknowledged that the new system to boost apprenticeships had presented challenges to small businesses, and announced plans to release £80m of funding support to help small businesses recruit apprentices.

• Making Tax Digital

HMRC is phasing in its Making Tax Digital (MTD) regime, which will require taxpayers to move to a fully digital tax system from 1 April 2019.  All VAT registered businesses will be required to keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.

• Clean vans

Mr Hammond raised a proposal which could see rates of Vehicle Excise Duty (VED) lowered for low-emissions commercial vehicles, hoping to encourage a shift away from diesel in this sector.

For further information on any of these points, don’t hesitate to contact the Ignition team on 01872 272900

With a new financial year around the corner, it’s a good time to take stock and plan ahead for 2018/19 and beyond.  When considering your business needs, don’t forget we are here to offer practical financial help and advice so you can achieve your goals.

Ignition offers competitive funding facilities such as Hire Purchase and Leasing for business assets including commercial vehicles, machinery, and cars.  But it doesn’t stop there.  In fact, we can fund virtually all business-critical assets including:

• Telecoms and office equipment
• Information Technology
• Green Energy Assets (eg LED Lighting, Solar Panels)
• CCTV
• Office refurbishment & furniture
• Catering & refrigeration equipment

We can also offer Business Loans, Invoice Financing, and can even Refinance assets you already own!

See below for an outline of the services we can provide, and give us a call to discuss what would work best for your business.

Hire Purchase 

Our Hire Purchase option gives you immediate use of your new equipment, with purchasing costs paid back over time in affordable monthly repayments.  We will develop an individual plan specifically for your business, so that you can benefit from new equipment whilst preserving vital working capital.

Finance Lease 

Our Finance Lease option is a rental solution, whereby at the end of the rental period, the lessor retains ownership.  There are tax advantages to leasing, and payments don’t change throughout the term of the lease.

Corporation Tax Loans 

Annual corporation tax bills always seem to come at the wrong time and can really take the wind out of your business’ sails.  Our Corporation Tax Loans spread the cost of your tax bill into affordable monthly payments, helping you take control of your cash flow, and avoiding nasty surprises.

Refinancing 

Does your business own significant assets? Refinancing those assets will help you generate money, aiding your cash flow and freeing up cash for other uses.

Commercial Loans 

Ignition has access to a provider of general business loans, which are available for non-tangible spend.  Unsecured loans from £5,000 to £200,000 are available and can be used for a variety of business purposes, such as launching a marketing campaign, recruiting additional staff, developing your website or IT or refurbishing your premises.

Invoice Financing

With debtor days on the increase and customers taking longer to pay invoices, businesses can be hampered by lack of cash flow.  Ignition works in partnership with Lloyds Bank to offer Invoice Financing solutions to help unlock funds tied up in outstanding invoices.

Contact us today to find out more on:  01872 272900