Singers AF

PROFILE: SINGERS ASSET FINANCE
FLEXIBLE FINANCE
L
ike many areas of running a bus or coach operation, nance has undergone much change over the last few recessionary years, so it is reassuring to see familiar faces still heavily involved in the industry. The team at Singers Corporate Asset Finance, better known as just Singers, is led by MD for the Southern region Malcolm Porter and Business Development Manager Michael Stringer. Together Malcolm and Michael have more than 50 years experience dealing with rms in the coach and bus industry and are backed up by a sales team located right across the UK. Despite witnessing huge change over two decades, the ethos at Singers remains the same and
The key for us is to be exible, says Michael. We listen to people and pride ourselves on a personal approach, so were able to see what works best for the customer. This exibility is why Singers lends not only for dealer purchases, but, unlike many other nance providers, will lend for purchases from other operators and even from recognised auction houses.
LEZ SOLUTIONS
As operators begin hunting for ways to comply with Londons newest Low Emission Zone (LEZ) rules coming into force in January, the scale of investment required is starting to be realised. Whether an operator goes down the route of buying new vehicles or tting exhaust lters to the existing eet, signicant sums will be needed and Singers tailor nance for this very purpose. Even with limited time available, short lines of communication mean Singers can turn deals around quickly and efciently. In spite of the high street banks continued lack of appetite for supporting small to medium sized businesses, there is still a need for rms to secure funding for projects like the LEZ, says Malcolm. Were not purely balance sheet underwriters, we look at the whole picture. We understand that variables affect bus and coach operators and so there are no xed, off-the-shelf products at Singers. All products are tailored around needs. Its an overused line, We aim to understand your business, but with more decades of experience in the bus and coach asset nance sector, its one Singers can use with certainty. Its also backed up by a number of reputable bus and coach operators, including Fowlers Travel of Holbeach Drove, whose MD Andrew Fowler told routeone: We have known and dealt with Malcolm and Singers for over 20 years. The Singers team understand the products required in our industry and we would not hesitate to recommend their services. In an industry that requires continual investment in very expensive assets the need for nance is without question, but deciding on which method is not necessarily straightforward. When considering your options, talking to a rm with industry knowledge is invaluable, so the knowledge and the support that Singers Corporate Asset Finance brings to the industry is to be welcomed.
In an asset-heavy industry, there will always be a need for accommodating nance providers. Rupert King met with the team at Singers Asset Finance, whose industry knowledge and personal approach is an ideal t for bus and coach operators
all business relationships begin with them getting to know their customers. We have to build relationships with people rst, explains Malcolm. Demands on the industry have changed drastically, so operators needs have changed and we have to pick up on that. At Singers, our industry knowledge means we can appreciate the fact that vehicles are getting more expensive, that fuel is going through the roof and that banks are looking to tighten traditional lending. The origin of Singers can be traced back to the establishment of a small asset nance company in Glasgow in the 1980s, which was then acquired by the UK merchant bank Singer & Friedlander in 1995. Since 1995 Singers has grown both organically and by
Knowledge of the coach and bus industry helps Singers deliver the right nance package for operators
Malcolm Porter: MD for the south
acquiring other niche nance companies. This has expanded their expertise into becoming a major funder of traditional black taxis, specialist in nancing commercial vehicle eets and a well known name in the recovery and haulage sectors.
Fowlers Travel of Holbeach Drove, Lincolnshire is one of Singers coach customers
FUNDING OPTIONS
Since the start of the recession and the credit crunch that preceded it, most high street banks have tightened their lending criteria. Overdraft cuts and difculties securing loan facilities have put a signicant squeeze on cash ow. Recognising this, Singers has geared up its product portfolio to support customers and reports that its sale and leaseback product, in particular, is proving popular among coach and bus operators. Sale and leaseback enables you to sell all or part of your asset to Singers and rent them
Singers can help operators with funding for LEZ solutions ahead of the new phase in January
back, immediately freeing up the capital tied up in the asset back into your business. With xed monthly payments to help with budgeting and with you retaining full use of the assets, its an option that lends itself to asset heavy operations, such as coach and bus rms. This and nance leasing, where the assets are sold at the end of the agreement with the operator receiving the major share from the sale, are both advantageous for VAT purposes, as well as freeing up cash ow. A more traditional hire purchase option allows operators to take ownership of an asset at the
end of an agreement. However, it is not just vehicle nancing Singers can offer. Through its ofces in Dorking, Glasgow and Wisbech, they provide funding solutions for the purchase of new and used equipment. Wherever a business is located across mainland UK, the Singers team take pride in the traditional approach of visiting customers at their premises to discuss their needs face-to-face. Gaining a deep understanding of the business and building a strong relationship is essential when tailoring the most appropriate funding solution.
FACT FILE
Company: Singers Corporate Asset Finance Ltd Type of work: Financial services Contact: Michael Stringer (South of England) Tel: 01945 588 655 or 07780 680 638 Email: michael.stringer@singersaf.co.uk Kevin Thomas (North of England) Tel: 0141 354 4990 or 07787 552 882 Email: kevin.thomas@singersaf.co.uk Web: www.singersaf.co.uk
34 Thursday 11 August 2011
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PROFILE: SINGERS ASSET FINANCE

Malcolm Porter: MD for the south

Fowlers Travel of Holbeach Drove, Lincolnshire is one of Singers coach customers

34 Thursday 11 August 2011

Thursday 11 August 2011 35

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