UK construction and agricultural industry funder JCB Finance has now lent £1bn for the purchase of machinery equipment.
The firm’s 100 employees have been rewarded by the company with a weekend away for two to mark the milestone, which comes 10 months before the company’s fiftieth anniversary.
JCB Finance was set up in February 1970 under the name JCB Credit. Today JCB Finance provides hire purchase and leasing options for UK business customers and supports the JCB UK dealer network and has facilitated the purchase of more than 250,000 JCB machines over the past 49 years. Including money loaned to acquire other plant and vehicles, JCB Finance has lent more than £13bn to UK businesses to help them grow and invest.
JCB Finance managing director Paul Jennings said: “To reach £1 bn in balances is an amazing achievement which would not have been accomplished without a huge team effort. We are here to help JCB customers buy their equipment and this milestone is a measure of the hard work put in by everyone involved. It’s also a very good indicator that confidence levels in our sector remain resilient and as a measure of our success, it puts JCB Finance amongst the elite in our industry.”
JCB chairman Lord Bamford said: “When JCB Finance was founded in 1970 JCB manufactured just over 4,000 machines and even then there was a very real need from our customers for help with finance. The growth of JCB Finance has mirrored the growth of JCB and our success is very much intertwined; JCB’s development and market leadership in the UK over many decades simply would not have been possible without JCB Finance. The team should be very proud of this achievement.”
JCB, the world’s third largest construction equipment brand, has 22 plants on four continents: 11 in the UK, and others in India, Brazil, the USA, China and Russia. The company employs more than 15,000 people worldwide. JCB Credit is a captive joint venture in collaboration with RBS/Lombard.
Last year Leasing Life spoke to Paul Jennings about yellow goods leasing and the need to fully understand the user-customer’s circumstances.