Durham-based Anglo Scottish Asset Finance
is driving growth plans with the addition of ‘unit stocking and dealer finance tools’ to its product offering, as part of its new vendor finance programme. This is being delivered by Carl Johnson, who has been appointed head of vendor finance, following four and a half years at the company as sales director for England and Wales.
The news comes at a time of significant growth for the company, which has recently merged with Birmingham-based, Capex Asset Finance
, uniting both companies under the Anglo Scottish banner, as it focuses on national expansion.
The company, which has also recently set up a training academy to develop the next generation of Anglo Scottish business development managers, spotted an opportunity to use its ‘expansive lending panel’ to support vendors selling goods in a wide variety of sectors.
Mr Johnson (51), from North Yorkshire, said: “Gone are the days when businesses could go to their local bank manager to discuss the finance options available to them when they need to invest in new equipment or vehicles. Instead, increasing numbers are asking their suppliers for finance options. We look to work closely with those suppliers to ensure their customers have access to finance packages tailored to their specific requirements.
“This helps the vendor or supplier to secure their order; and by adding unit stocking and dealer finance to our product offering we can also assist the vendor’s cashflow. Cash is often tight for businesses selling capital equipment and vehicles, other than those working directly for a manufacturer that have the capital to buy their stock outright. The pandemic has hit a lot of these businesses very hard, and many have made significant financial loses, which has meant access to credit is harder than ever before.
“Banks have one set of underwriting criteria, and if a business does not meet these in any way, the relationship between lender and customer ends abruptly. However, Anglo Scottish deals with an extensive range of funders so if one doesn’t match, we have a plethora of others that most likely will.”
David Foster, Anglo Scottish’s managing director, said: “We are constantly looking at new products that bring value to the market and help soothe pain points for both manufacturers and lenders. By using our strengths as a funding partner, we can help manufacturers or vendors to increase sales by providing capital for investments.
“It is an extremely exciting time for the company, and we have an ambitious growth plan that will see us continue to seek the best possible outcomes for our customers and our vendor partners, both old and new.”