A ‘Quirky Kit™’ scheme, launched this quarter by equipment
finance introducer Johnson Reed, is building vendor finance
business by targeting – in its own words – “non-standard assets
that traditional lenders, such as banks, dont like; in other words,
quirky kit that has little value on day two.”
The QK scheme has helped Johnson Reed secure at least two vendor
relationships so far, with deals brokered including finance for
rubber flooring panels in an outside football pitch, for an
adventure play complex, and for boiler systems, furniture and
window shutters at a daycare centre.
For lessees, says director Mark Johnson, this means funding for
assets that are “mission critical” – but not necessarily resalable
or valuable outside the business. For manufacturers new to vendor
finance, he says, the trademarked program has provided an
eyecatching and approachable way of attracting sales through
leasing.
Johnson Reed, which is funded by UK private and European banks,
also writes a lot of QK business in its own small but growing lease
book, which is now around £700,000 in value. Discussing the market,
Johnson noted the words of Charles Darwin – “It is not the
strongest species that survive, nor the most intelligent, but the
ones most responsive to change”.
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