United Trust Bank’s Asset Finance team was approached by a broker representing a client he had known for over 25 years. They had transacted many agreements together and the customer had an excellent payment record. On this occasion, the coach firm wished to raise £40,000 as a cash injection to the business following a slow start to the year.
The firm has been trading for over 100 years and was originally set up by the community to serve the community. Unusual for a modern business, it does not aim to make excessive profits but is nonetheless successful and well managed. The company has four directors, two of which have been responsible for the day to day running of the business for the last 20 years and it employs 50 people, operating from owned premises consisting of garages, offices and a secure yard for their vehicles.
The company owns a fleet of 40 vehicles ranging from 16 seater mini-coaches to 70 seat buses and has a variety of contracts from school runs to local service routes, day trips and longer tours.
The proposal was submitted to the UTB team on a Tuesday morning and by the same afternoon it had been accepted. The following Wednesday morning an inspection of the vehicle, an unencumbered 2007 Volvo Jonkheere executive coach, was carried out and just before 5pm that day the £40,000 requested was paid out to the customer and the broker notified.
Asset Finance Business Development Manager for United Trust Bank, Paul Taylor, commented:
“Sometimes there’s a need to turn around a transaction really quickly and we always do our best to meet the customer’s requirements. In this instance, although the customer was very pleased to have the money in their account within 36 hours, we weren’t pushed or pressured in any way by the customer or the broker. Everything just progressed exactly as it should and we were delighted to assist this very nice company without any delays or dramas.”