finance company, is bucking the recessionary trend and seeing a
sharp rise in demand for alternative finance.
turnover double in the past two years to £30.7 million (€32.5
million) in 2008, finances businesses on the strength of its own
books. The lessor specialises in finance leases, but has recently
seen a spike in interest in sale and leaseback.
Demand is such that the company is recruiting seven commercial
banking managers to cope with the increased workflow.
The company currently employs 39 people across the South West
and Wales.
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“We look forward to the opportunities the current climate
creates for us,” said Armada managing director Kirk Smith.
“When the commercial world has been so dependent on high-street
banks for so long, the withdrawal of that banking support leaves
most business owners with nowhere to turn.”
However, despite rising demand, the lessor has also needed to
tighten its credit criteria.
“We were lending on terms of up to three years, but have
recently had to reduce our maximum term to two years to reduce the
risk to us and reduce the pressure on our clients,” added
Smith.
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