£3.1m supports the expansion of a significant new contract with Blue Chip Company
- £3.1m funds new contractual work for Mike De Courcey Travel Ltd with National Express
- Lombard’s tailored funding solution matches customer requirements bringing flexibility and tax benefits
- Intelligent finance solution from Lombard reduces monthly repayments for customer and maximises cash flow
Mike De Courcey Travel Ltd provides quality coach hire, executive business travel and bus services. A family run business, it has the largest and most modern fleet of coaches in the Coventry area. Its fleet includes fully air conditioned touring and executive coaches, luxury coaches for business travel and specially adapted coaches with wheelchair access.
Julie Cranmer, Lombard Business Development Manager, had known Mike De Courcey for over a decade when she joined Lombard. With a new contract for National Express in the pipeline, Mike De Courcey and Cranmer met to discuss possible funding options for 14 new coaches to support the new contractual work. Mike De Courcey Travel had only ever used traditional hire purchase funding but on this occasion was open to looking at alternatives, including leasing options.
Adrian De Courcey explains, Lombard not only had a suitable method of funding but Julie and Shaun Conlon, Lombard
Relationship Director, took a genuine interest in the business, its aims and ambitions. Lombard took the time to understand
our business strategy and objectives. It completely exceeded our expectations at every turn and it was this expertise and
understanding that enabled it to create the strategy for our funding.
Lombard was able to deliver a tailored funding solution to meet the company’s requirements along with providing flexible
end of lease options. Cranmer explains, I worked closely with Shaun and the customer, realising that hire purchase
might not be the best option. After looking for a suitable solution we proposed a £3.1m operating lease to fund
the new coaches. It would give Mike De Courcey Travel taxable and cash flow benefits with lower repayments as well as
end of lease flexibility; something that appealed to the customer in view of the contract nature of the transaction.
At the end of the term the customer could return the assets back to Lombard, extend the lease or possibly take ownership.
Security may be required and product fees may apply.
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