Sarantel
Recently formed Close Leasing has completed a £500,000 deal with
Sarantel Group, which provides antennas for mobile and wireless
devices, bringing the number of deals it has signed since its
launch in November 2007 to 40.
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The subsidiary of Close Asset Finance, managed by Neil
Davies, the former managing director of Systems Leasing &
Rentals, Paul Bartley, the ex European business development manager
of CIT, and Tom Dramby, director of credit at ING Lease – targets
deals that fall between £500,000 and £5m in value.
The deal was structured within the UK, and had no cross-border
element, although Close Leasing – and its parent, Close Asset
Finance – are seeking to build up its portfolios of these sorts of
deals. Particular countries it is targeting are Gibraltar and
Germany.
The term of the deal, which was structured as a sale and
leaseback, is 24 months and it is on finance lease. It is
understood Close Leasing initially rejected the deal but agreed to
underwrite it once the customer had raised additional revenue.
Davies said that its deals arrangements have been affected by
the credit crunch. “In general terms we are seeing a general
increase in the cost of funds and margins, and has been passed on
to the client,” he said.
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By GlobalDataSome 70 per cent of the company’s deals come through the
indirect channel, most of which are sourced from brokers and the
remainder from referrals from lessors and professionals such as
solicitors, corporate advisers and accountants.
Davies said the company is on target for building a portfolio of
£0.5bn in three to five years.
Brendan Malkin
