Hire purchase helped this narrow boat specialist reduce costs and go green
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About Streethay Wharf
A narrow boat specialist that offers a full range of boat services including steel construction, fitting out, painting and maintenance. Based on the Coventry Canal, they're also a market leader in stretching – the unique process of adding additonal sections to boats to make them larger.
What did they want to achieve?
The company wanted to cut their energy bills and reduce their impact on the environment by fuelling the business with a biomass boiler. It would be used to heat their commercial premises as well as the paint docks – and meant they'd be eligible for the government's Renewable Heat Incentive. But they needed a cash injection to make the purchase.
How we helped
As a loyal customer of NatWest, Streethay Wharf was referred to us. Using hire purchase, we secured them £76,000 of funding to help towards the cost of the boiler.
"Our Relationship Manager has been the driving force in helping us invest in renewables, making the process easy, simple and personalised to us.
Our business relies on heat and energy to complete many of the processes we carry out when working on the boats. The boiler will therefore reduce one of our largest outgoing costs.”
Managing Director, Streethay Wharf
By using asset finance to fund its project, Streethay Wharf protected cash flow and avoided a large pay out. Just six months later, they're already noticing a reduction in energy bills. They predict that the boiler will pay for itself in less than 20 years, meaning greater investment back into the company.
Received £76,000 funding to support their biomass boiler purchase.
Greatly reduced energy bills mean more money for future investment.
Renewable energy means the company has cut emissions.