Lombard branches out with £500k investment funding
- Even Forestry updates its fleet by purchasing two new forestry machines using Lombard’s asset finance facility
- Lombard’s £500k funding enables Even Forestry to be more cost efficient and increase overall profitability
- Lombard’s financial and agricultural expertise ensures a quick and positive outcome for Even Forestry
Even Forestry is a family timber harvesting business in West Norfolk which started more than a quarter of a century ago. The company works for a range of woodland owners including the Forestry Commission and Queen’s Sandringham Estate.
For Martyn Neve, managing director of Even Forestry, replacing new equipment regularly and keeping up-to-date with the most advanced technology is important in supporting the company’s future growth plans. Worried that the current economic climate might affect his chances of securing funding Martyn approached Lombard to obtain financial support for two new forestry machines.
Martyn explains,“The new equipment was vital to development of the company, but it was also very costly. With a yearly budget it was important to acquire the funding at a good rate whilst still retaining our cash flow. The machinery supplier had a finance provider but I felt they lacked the personal approach and expertise.”
Even Forestry’s relationship with NatWest started with Martyn’s father in 1993. Through his bank he was introduced to Lombard’s Karen Litherland who worked closely with Martyn, his bank manager, and accountant to produce a fully tailored funding solution.
Karen explains, “We have a great relationship with the Neve family and because Lombard covers so many sectors it can provide an individual service with an industry specialist while still offering competitive rates. There was no particular time constraint for Even Forestry but with new contracts coming we understood it was important for the business to acquire the machinery quickly. Hire purchase provided the most appropriate solution for the customer, allowing him to own the machinery without having to borrow or use up working capital.”
Lombard used its agricultural expertise to structure a bespoke asset funding solution for Even Forestry. The new machinery has enabled the company to become more cost efficient; saving time on site, reducing fuel costs, increasing potential loads per day and overall profitability. Even Forestry has now been able to take on new contracts and retain its cash flow, enabling it to adapt to any change in business conditions.
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