Agricultural contractors stay competitive through hire purchase
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About DB Gibbons Contractors
DB Gibbons Contractors focuses on arable and grassland management, and agricultural construction. They have a team of agricultural engineers who service and maintain its machinery.
What did they want to achieve?
The machinery and equipment used by DB Gibbons must be updated regularly. The company wanted a way of financing new assets as and when required.
How we helped
One of our specialist Relationship Managers worked with DB Gibbons to arrange a hire purchase facility. This meant that the company could access finance for essential new assets at short notice. We also helped the company get a NatWest overdraft to support its cash flow.
"We're constantly looking for ways to keep up with technology by purchasing additional equipment when needed. Lombard's specialist agricultural team understands the market and can see the value in this machinery."
"The credit line that Lombard provides gives the comfort of knowing that funds are readily available, and we have the flexibility to update our equipment when we need to.”
Director, DB Gibbons Contractors
The company invested in a range of machines including slurry handling and grassland management equipment. These have helped DB Gibbons stay competitive and improve its services.
Newer equipment has reduced frequency of breakdowns. Less time and money is spent on repairs.
Machinery could be acquired as and when needed. Finance could be accessed with short notice.
Purchases up to £500,000 could be offset in the government's Annual Investment Allowance (AIA).