end-of-year pre-tax profit of nearly €7 million up to 31 July 2008,
a figure that reflects a 28 percent increase from the previous
year.
The Close Asset Finance subsidiary, which specialises largely in
print finance, now plans to focus more solidly on joint ventures,
such as its profit-share agreements with brokers such as CC
Technology and GB Asset Finance.
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Surrey runs a book of more than €125 million, comprising 70
percent print assets and 30 percent engineering equipment,
including plant and yellow metal goods.
Although Surrey has seen some increase in arrears, the effect
has been countered by increases in settlement profits from assets
at the end of their lifecycle, according to its managing director,
Basil Banayi.
Despite running a staff of 19, Surrey does “the work of a much
larger company, due to the number of strategic alliances we make in
the broker sector”, according to Banayi.
Funding is no problem either and recent cash sourcing means
Surrey is “completely confident” with regard to liquidity for the
coming year, said Banayi.
Surrey Asset Finance joined the Close group in 1996 as a finance
broker and was fully acquired in 2001, when Close Asset Finance
purchased the 24 percent of Surrey that it did not already own.
Since then, Surrey Asset Finance has built up a substantial
portfolio of loans, boosted substantially by the takeover of Close
subsidiary Close Print Finance, which occurred in 2006.
Fred Crawley
