Nationwide Capital Finance (NCF) expects to double business during
2009.
lines provided by Hitachi Capital and RBS after GE Capital decided
to stop lending to NCF last October.
NCF, the captive arm of Bolton-based franking machine supply
company Nationwide Franking Sense (NFS), expects its turnover to
reach around £830,000 by its year-end in April.
This rate of business is expected to double during 2009,
according to NFS managing director John Gilbert, who stated that
developing leasing is a “major priority” for the group in 2009.
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It is understood GE Capital has recently expressed interest in
resuming funding, but NFS currently has sufficient funding to allow
for expansion plans. GE Capital provided funding to NCF for 17
years before it stopped doing so around four months ago.
NFS did its own leasing prior to NCF’s launch two years ago.
RBS said: “Nationwide is a well run business that continues to
perform well in a niche market. We are very happy to be given the
opportunity to help support their growth plans and look forward to
watching their progress.”
The expansion of Nationwide’s leasing business comes as part of
a general pattern of growth for the company, with 10 of a 35-strong
staff recruited in 2008.
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By GlobalDataGroup sales are predicted to top €4.4 million when year-end
results are in, bolstered by leasing turnover, and fuelled by
increased emphasis on cost-cutting through better postal efficiency
by
customers.
