Trent Hire

Trent Hire & Sales
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Sector

Plant hire

Requirement

Purchase of business vehicles

Product

Asset finance

Key Benefit

Retaining low bank rates in a fluctuating market
Trent Hire & Sales is an independent, experienced plant and tool hire company, with a proven track record of excellent service and reliability – a one-stop-shop for plant, tool hire and industrial supplies. Based in the heart of Retford, they have been providing industry-leading tool, equipment and plant hire to the Nottinghamshire and Lincolnshire region for over 25 years and have worked hard to achieve their reputation as an honest and trustworthy supplier who are easy to deal with. They know the importance of customer service and loyalty, and by focusing on that, they have been able to develop and maintain long-lasting client relationships. For example, they make sure equipment is delivered when they say it will, and as every tool and piece of equipment is checked on return, everything is in working order for the next customer. These may seem like small things, or even what is expected – but it is surprising how often this doesn’t happen elsewhere!

Product

So why go to a finance broker and not directly to their bank when needing to finance new equipment or use the suppliers finance deal? The directors of Trent Hire & Sales have known Funding Round director, Julia Wilkinson, for some time. Julia had worked with them in a consultative way throughout a management buyout process in 2016 and helped them understand the challenges and opportunities they have with their business finance. She has the same focus on top customer service as they do, and recognising these common values, they trust the advice and service which Julia offers them. So, when it came to purchasing two new Isuzu D Max 4WD vehicles to replace older and less effective vehicles, there was no question who Trent would turn to – Julia!

Service

The Directors needed to get on with running their own business, rather than spend time working out where best to go for finance. Funding Round’s asset finance specialist, Ray Purvis, reviewed the business position alongside the requirement for the purchase. He positioned the information to various challenger banks to attain the best deal for Trent Hire & Sales – quickly sourcing a deal which was more attractive than the supplier’s.

But deals don’t always go smoothly! Having agreed a competitive rate, there was a delay in vehicle delivery. Unfortunately, this fell at a time when the banks were changing their rates, meaning a more expensive outcome for Trent Hire & Sales. Ray of Funding Round says, “Whilst bank rates have been low and relatively stable over the past few years, the current climate is showing more volatility. I could have just explained this to Trent, resulting in a more expensive finance deal for them. But that’s not the way we do things in Funding Round – we are all about excellent customer service, and I was sure I could find them a better deal despite changing rates from the banks. So, I did!” Ray was able to identify a different challenger bank who was prepared to retain the lower interest rate despite the later delivery date. A Win Win – new business for the bank and a cheaper finance option for Trent Hire & Sales!

“My business experience is in the construction and plant hire industry, not in the finance industry. As a business owner I am aware of the changing landscape with financing and the banks, but I am no expert. That’s why I make sure we speak with Julia andFUNDING ROUND on these matters – she’s our trusted advisor when it comes to finance. Why would I spend precious time trying to navigate that market, when I have my own business to run? I would never have been able to directly source the deal the FUNDING ROUND team found for us. And I have no doubt that FUNDING ROUND will support us with future purchases – they are the experts after all!”