Industry: Maintenance and utilities
Product: Hire purchase
Facility size: €357,285
Based in Co. Donegal, this utilities company is long-established and historically successful. The family-owned business, which works across Ireland and the UK, offers water and wastewater solutions including suction drain cleaning, pipe laying, and groundwork. It had been expanding steadily in recent years and continued to grow during the coronavirus pandemic, with utilities and maintenance classed as essential services.
The firm needed to invest in equipment to support day-to-day operations and a new contract. However, the specialist suction system they required was expensive and they could not meet the large upfront cost to purchase it outright. After considering their options, they contacted Close Brothers Commercial Finance for support.
We took time to understand the business’ needs and suggested a hire purchase solution would be the most suitable product. This would provide the capital they needed to access the equipment immediately, while enabling them to spread the cost over a fixed period. At the end of the repayment term, they would own the asset.
Hire purchase has given the company instant access to the system and they will have full use of it throughout the repayment term, allowing them to maintain control. The new piece of equipment will allow the SME to complete the contract and continue to grow by taking on more business in the future using the new asset.