A & B Richardson Engineering Limited, a successful manufacturer of die tools selected their new vertical CNC machine supplied by a Chinese/German manufacturer back in the Autumn of 2019.

The lead time to manufacture and delivery was estimated to be completed within 6 months, with a 30% deposit requested by the supplier on receipt of order, which had to be paid in US Dollars, so therefore requiring currency exchanges.

To facilitate this, a Pre-Hire Agreement was entered into with a key funder from our panel, who agreed to pay the 30% deposit direct to the supplier in China.

This facility would then be rolled into the final Lease Purchase agreement, once the equipment entered the UK, estimated to be February to March time 2020.

Then came the unexpected Worldwide, Covid 19 pandemic situation……..

Factories in China closed, which delayed the manufacture and the Corona Virus soon impacted the entire UK with National lockdowns enforced.

As a consequence of this, delivery slipped and then slipped further still as the pandemic raged on, with exchange rate fluctuations impacting negatively on the sale and importing price increasing.

Despite this, the lending finance provider were able to extend their Offer of Finance on numerous occasions and additionally offered assistance via the Coronavirus Business Interruption Loan Scheme (CBILS), until finally the machine arrived on UK soil in March 2021.

The CBILS Lease Purchase agreement was finally drawn at the end of March this year, with the Pre- Hire agreement and interest accrued rolled into the finalised finance facility.

Andy Richardson of A & B Richardson said:

“We are delighted to have finally taken delivery of the Skymaster CNC machine after the unforeseen delays that our company experienced. 

Everyone involved in this transaction could not do anything about the unique set of circumstances that we all faced, but it was pleasing to be supported with the experience and guidance of Jane Dennis from All Finance Solutions Ltd, my business bankers and for Investec being patient, flexible, understanding and professional through-out the process from start to finish.

We are optimistic about the current and future order book levels we are seeing and our investment in new equipment and technology is vital to the success of our well established, UK manufacturing business”

As a leading UK Manufacturing Company – A & B Richardson Engineering are able to make appointments to view the Skymaster VM4230A machining centre on demonstration at their business premises to other potential businesses interested in purchasing the same type of equipment.

All Finance Solutions Ltd are delighted to be supporting UK Manufacturing SME businesses. We provide bespoke and tailored packages that allow for imported equipment and machinery to be financed on competitive and easy to budget terms, which suit our customers’ needs.