Lombard provides £2m while other funders withdraw
- £2m credit line helps Agility to invest and conserve cash flow
- Lombard provides £700k for new vehicles while other funders withdraw
- Agility UK Ltd fills its funding gap and continues to grow
Agility UK Ltd is an award winning provider of business car leasing and contract hire solutions. Formed in 2004, it provides forward thinking key solutions in fleet management and leasing to a wide range of companies throughout the UK.
Agility approached Lombard to fund over 50 new vehicles following the withdrawal of its current funders. Keith
Townsend, Managing Director at Agility, explains, Our Financial Director had known Lombard for a number of years,
having used its services with another company. He knew Lombard had an appetite for funding fleets so when the term came
to an end with our current funders, and they pulled out, we brought Lombard in to fill the hole.
Townsend continues, The vehicles were for existing and new customer contracts, but mainly for the latter. We
didn’t want to get to the point where we were turning away business. Lombard’s funding supported our growth and
everything went very smoothly.
Lombard created a £700k finance lease and a £2m credit line was also put in place. This would fund the
vehicles and further support the growth aspirations of Agility, allowing it to actively seek new customers in the knowledge
it had Lombard’s backing. Simon Moult, Senior Relationship Manager at Lombard, explains, We created a solution that
suited Agility. The finance lease with a balloon payment kept the payments low for customer and allowed Agility to conserve
its cash flow. It was important to understand how the business worked and we regularly communicated with Agility. Lombard’s
proud to support Agility as it continues to grow and expand its existing fleet.
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