- Business: Media Broadcast Services
- Finance: Sale & leaseback
- Purpose: To secure new contract
- Tags: media equipment, broadcast equipment
Founded in 1993, Gearhouse Broadcast Ltd is a leading international broadcast services company. It specialises in providing broadcast project solutions, equipment sales and rentals, as well as broadcast systems-integration and broadcast cable installations.
Gearhouse has its headquarters in the UK with operating offices in Australia, USA, Qatar and India. Constantly updating and investing in new equipment is very important to the company and supports its position as a leading, and well established, equipment rental specialist and provider of turn-key production systems solutions.
“Lombard’s funding has helped us invest in equipment that not only meets the needs of the new contract but, when not in use for the Australian Open tennis, will have the capacity to generate substantial additional earnings each year.
It’s also increased our overall capacity and helped us achieve our commercial goals; working more with ESPN and increasing our share of tennis coverage.”
Commercial Director, Gearhouse Broadcast
What did Gearhouse Broadcast want to achieve?
Gearhouse was awarded a multi-year contract with ESPN for the Australian Open Tennis tournament, which required investment for new equipment and a quick decision on finance to progress with the project. Due to the nature of the business, Gearhouse had used asset finance before –
it already had an existing relationship with Lombard and was keen to develop this with the latest funding.
How did Lombard help Gearhouse Broadcast?
Lombard produced a £1.5m sale and leaseback solution for the media broadcast equipment that Gearhouse required. With 80% of its operations outside the UK, Gearhouse also needed the option for the assets to be located outside of the UK and this required specific amendments to Lombard’s standard document suite.
Everything went very smoothly and Lombard was able to get the quick turnaround that Gearhouse needed.
How has Gearhouse Broadcast benefited from the solution?
The new equipment enabled Gearhouse to meet all the requirements of the ESPN contract, as well as giving the company additional capacity to develop other contracts away from the Australian Open. The modular equipment can be tailored to individual customer needs and flown wherever required,
which has enabled Gearhouse to deepen its relationship with ESPN and grow its involvement with tennis coverage.
At a glance
- £1.5m is helping Gearhouse Broadcast Ltd to stay at the forefront of industry technology
- The investment has expanded capacity and is supporting new multi-year contract with ESPN
- New equipment provides further opportunities to generate substantial additional earnings each year
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