£545k helps Cirrus Laser to replace laser machining centre and invest in future growth
- £545k helps replace laser machining centre, increase production and halve electricity usage
- Cirrus Laser Ltd finds new financial partner in Lombard for its latest investment
- Lombard creates a funding package that maximises the benefits of residual based lending
Cirrus Laser Ltd is a leading UK laser cutting and water jet cutting job shop. Based in West Sussex and established in 1987, it offers a range of services including design support, cutting, press brake folding and component surface finishing.
Before its current lease provider stopped operations and the contract ended, Cirrus Laser began its search for a new financial partner. Having spoken in the past, Cirrus Laser contacted Lombard to assist with the investment in a new laser machining centre. Dave Connaway, Cirrus Laser Managing Director, explains, "We needed a new financial partner to support the business and Lombard stood out with the flexibility of its funding. We were given a number of alternative ways of structuring the funding with tailored options to suit us. Having worked with Lombard for this latest funding we're reassured that going forward it understands the company and our business."
Lombard provided an operating lease worth £545k for a Trumpf 5030Fiber laser machining centre. David Greenough, Lombard Senior Relationship Manager, explains, "The new machining centre allows for increased production, larger scale materials and a wider variety of materials to be produced. Cirrus Laser was looking for a financial partner that was willing to support the growth of the business and not just to provide one-off funding. We created a funding package that maximised the benefits of residual based lending. The operating lease allowed Cirrus Laser to make use of the machining centre while managing its cash flow in a way that a standard hire purchase agreement couldn’t."
The new laser machining centre has helped Cirrus Laser increase profit margins and production. Due to a different type of laser, it requires less servicing than the old one and the operating lease includes a warranty and service for the full lease term. This way the customer knows what the machining centre will cost per month. With the LiftMaster Compact (an automatic loader which Cirrus Laser purchased in 2010) and fire safety equipment now installed in the new equipment, the machining centre can also be used with lights out operation.
For more information about how Lombard could help your business grow, please call 0800 028 7164. Type Talk 18001 0800 028 7164.
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