ECF Asset Finance, a subsidiary of ECF Group PLC, has signed its
first £1 million deal with NSG (UK) Limited, one of the largest
independent providers of access and industrial services in the
UK.
The deal, the biggest the ECF has seen since its creation in
1991, was a sale and leaseback arrangement, involving NSG’s
scaffolding stock and ancillary equipment.
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Managing director Richard Jackson said: “If there is an ability
to repay, and there is a tangible asset then we will lend against
it.”
ECF Asset Finance leases a wide variety of assets, but does not
lease IT equipment.
Sale and leaseback contracts make up almost 75 percent of all
deals by ECF. The company finances on average between £1 million to
£1.5 million of assets per month, although last month it hit £2m.
Deal terms on average last between 36 and 60 months.
“There aren’t many people who do it [sale and leaseback], but we
are one of the leaders of sales and leaseback in the county. It is
our main forte,” said Jackson.
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By GlobalDataThe sale and leaseback contract proved essential.
Jackson added. “Without the sale and leaseback of its existing
scaffolding assets, it would have had to find another £1 million
somewhere.”
ECF has enjoyed growth thanks to the creation of ECF Property
Finance which, Jackson claimed, has seen solid growth in the first
18 months since its creation. It has only recently begun to suffer
as a result of the credit crunch, he added.
Staff levels are also up, rising by six members to 28, including
Gary Riddsdale as new chief executive of the ECF group, and
property lawyer Glyn Wilmott to ECF Property Finance.
