Wastewater firm uses hire purchase to obtain new plant and machinery

Wastewater firm uses hire purchase to obtain new plant and machinery

 

Summary

Coffey Water Ltd is one of Ireland's leading specialist environmental water and wastewater contractors. They specialise in municipal and industrial water & wastewater treatment design, construction & operation and maintenance services.  Employing over 50 highly skilled and qualified engineers, scientists, operators and technicians, Coffey Water Ltd provides clients with a “one stop shop” service from design and construction through to commissioning, operation and specialist maintenance services.

Challenge

The business is owned by a forward-thinking management team who wanted to develop the organisation and offer enhanced services to their customers. To do this, they needed to purchase a variety of second hand plant and machinery such as road sweepers and excavators.  Tom Ryan, Financial Controller, required additional funding to help acquire the necessary assets. 

Solution

Tom discussed various product options with Close Brothers Commercial Finance and upon further understanding of the exact requirement and business objectives, a flexible hire purchase arrangement was agreed.  This would allow Coffey Water to obtain the necessary machinery, whilst at the same time spread the cost over the lifetime of the assets.

Result

Since the agreement was put in place the company owners have invested in the required equipment and are beginning to fulfil a number of other strategic objectives, such as maximizing profit and increasing headcount.  Tom said: “I was impressed with the initiative of the whole Close Brothers team and their willingness to support our business.  The speed of their response to our need for finance has proved invaluable to our operations and I'd highly recommend working with them in the future.”

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