UK-based Praetura Asset Finance has provided a hire purchase (HP) facility to coach company Barnards Coaches.
The finance deal was for four coaches and it took four weeks to complete.
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Barnards Coaches, a successful family business for more than 45 years, has been sold twice in recent years. Its current managing director, Gary Priest, decided to team up with a private investor to buy the company for a nominal price – including both its assets and debts – so that he could drive it back to "realising its full value".
Ric Simmons, regional sales director at Praetura Asset Finance, said: "We had worked with Gary before and knew that he not only had 25 years’ experience in the coach sector but also that he had integrity as a businessman.
"Despite the company’s debts, our approach is to take a pragmatic view of assets and growth potential so we were happy to negotiate a Hire Purchase (HP) deal for four coaches, enabling Gary and his investment partner to focus their capital on other areas of the business."
Priest said: "We needed to acquire some vehicles urgently and I knew that Praetura Asset Finance takes a solutions-driven approach to structuring a deal as quickly as possible; based on the future potential of the business, with payments that were acceptable to them and achievable for Barnards Coaches."
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By GlobalData
