Click here for a round-up of news from Summer 2017.

STAR Asset Finance Limited (“SAFL”) continues its consolidation of the SME asset finance market by completing the acquisition of Credo Holdings Limited (“Credo”).

Norwich-based Credo was established in 2005 as an independent provider of asset finance. The company has a growing own book portfolio, coupled with brokered finance supported by a number of industry funders. Specialising in hard and soft asset finance with a strong position in its regional market, Credo is a perfect fit and a welcome addition to the SAFL group.

The company will continue to be run by its experienced management team of Simon Gray, Ian Tims, Mark Skipper and Trevor Parsons, and will be supported by SAFL to continue the impressive growth and performance seen to date.

Steve Swift, CEO of SAFL, said: “When we started this journey to build a formidable UK SME asset finance platform, our acquisitions were always going to be companies that would complement and strengthen our group. I’m delighted to welcome Credo to the SAFL stable: on the back of great customer service, the team has built the leading independent asset finance provider in its home market with significant further growth potential”.

The transaction will see Credo join forces with well-established asset finance companies Kennet Equipment Leasing, Ignition Credit PLC and First Capital Finance Limited. The group is set to generate over £200m annually in new business finance.

Simon Gray, Managing Director of Credo, commented: “Here at Credo, we are delighted to become part of the SAFL group. This move will allow us to continue supporting customers with our exemplary level of service while providing us with capital to further develop Credo as part of a dedicated and fast-growing UK asset finance group”.

Paul Gough, Managing Partner at STAR Capital, said: “We are pleased with the progress of our investment in SAFL and the acquisitions made to date. We look forward to working with the Credo team to continue building a leading asset finance company and remain interested in adding further attractive businesses to the SAFL group”.

Truro-based Ignition, a leading UK provider of vehicle and asset finance for SMEs, is welcoming a new asset finance provider to its group, which will help to strengthen its offering in the East of England.  Ignition’s parent company, STAR Asset Finance Ltd (SAFL), has completed the acquisition of Credo Holdings Ltd, an independent asset finance provider based in Norwich.

The transaction will see Credo join forces with Ignition, as well as sister asset finance companies Kennet Equipment Leasing in Birmingham, and First Capital Finance Limited in Bournemouth. Together, the SAFL group is set to generate over £200m annually in new business finance.

Ignition’s Managing Director, Alan Tutte, comments:

“We’re very pleased to welcome Credo to the SAFL group.  With its strong track record in the regional market, and particular specialism in vehicle and agricultural finance, Credo will fit very well within the team and will help us achieve our growth ambitions.”

For more details from SAFL visit http://www.ignitioncredit.co.uk/star-asset-finance-ltd-completes-the-acquisition-of-credo-holdings-ltd/

Truro-based Ignition, a leading UK provider of vehicle and asset finance for SMEs, is continuing to expand with the appointment of two new senior members to its team.

The company, which offers finance for a wide range of assets from plant and machinery to vehicles and business equipment, offers flexible solutions either using its own funds or via joint trading relationships with a panel of major finance houses. Since its acquisition by Star Asset Finance Group in 2015, it has been driving to expand its workforce and extend its geographical reach.

Steve Haysom joins Ignition as Business Development Manager. Formally a Relationship Manager at Lombard, Steve has worked in asset finance for 13 years, with experience in many different sectors from tourism to catering, hauliers to plant hire.   Based in Honiton, Steve is well-placed to strengthen Ignition’s offering across the South West, principally supporting businesses across Devon, Somerset and Dorset.

Also new to the team, Stuart Berry has been appointed as Broker Manager, joining Ignition’s growing Broker Finance Department.  Stuart began his career in the finance industry 20 years ago, and for the last 11 years has been working specifically in broker management roles, most recently at Shire Leasing.  Based near Manchester, Stuart will be primarily focussing on strengthening Ignition’s broker relationships within the North of the country.

According to Managing Director, Alan Tutte, Ignition has experienced a strong track record of growth in recent years, particularly since its acquisition by Star in 2015.  This has led to several new appointments, with the latest recruits bringing the total number of employees to 18.

“The business climate for Ignition is certainly looking bright.  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.

“We’re delighted to have Steve and Stuart on board.  By expanding our team with these highly experienced professionals, we will be able to build on our success and strengthen our reach across key regions and markets.”

What will April’s car tax changes mean for customers buying new cars?

From April this year, a revision of vehicle tax bands will come into force, which will affect the amount of Vehicle Excise Duty (VED) payable on all new cars.

For anyone considering buying a new car in the near future, it’s worth exploring whether the changes are likely to work in your favour, or whether it would be more advantageous to buy before the 1^st April.

With the new system, all new cars will see a substantial increase in tax during the first year of registration, followed by a flat rate of £140 per year.  For alternatively-fuelled cars such as hybrids, the amount is reduced by £10 in the first year and will be £130 for subsequent years.

Comparing the tax you’re likely to pay before and after April, depends largely on the type of vehicle you’re planning to buy and its CO² emissions.   As a general rule, smaller more economical cars will see the biggest increase in tax.   A five-year £310 supplement is also to be introduced for cars costing more than £40,000, which will have an impact on purchases at the higher end of the scale.

If you’re considering purchasing a new vehicle, whether for business or personal use, do get in touch soon to discuss your requirements, so that we can recommend the best time to buy.  You may need to get your skates on!