ETG Finance adds to customer service portfolio
The Engineering Technology Group has added to its portfolio of customer services with the launch of a new Group company, ETG Finance.
Under Managing Director Andrew Bullard, ETG Finance will provide customers with standalone, or structured financial solutions for asset finance and other critical business requirements. ETG Finance will also work with the Group’s specialised support division, Engineering Solutions, to provide extended warranties and machine insurance.
Mr Bullard has 18 years’ experience in machine tool finance, and has worked for and with organisations that include Lloyds Bank, Hill Samuel and State Securities.
As he explains: 'There are a lot of opportunities in the market to add value to what the customer is looking for. It is a case of talking to them, seeing what their business needs are and then building a structured financial support solution around that.'
This includes looking at different approaches to machine ownership, including hire purchase, finance leases and operating leases, and, for example, finding additional funding for deposits, cashflow or to finance materials and work in progress. Bespoke packages can also incorporate structured payments to defer VAT, cope with seasonal fluctuations in demand or fund the start-up of a new project.
Mr Bullard says that customers often need help in finding the best sustainable solution and they need to talk it through with an expert.
'It could be that, yes, they want the money to buy this machine, but they also need the cash flow to pay for it – and will come to us to ask how they can do that. And if they have to put up a large deposit, maybe there is a way to leverage off other assets in the business to find it.
'We can put together what is essentially a complete package for the finance of the machine. So, together with the other members of the Group, we can support our customers at every step from the initial enquiry onwards. We supply the machine, the fixtures, the turnkey and the lifetime support, and we make sure that customers get the finance they need to be able to afford the machine, in a way that supports their business needs and gives them the cash flow they require.'