The hospitality industry suffers from seasonal changes that can have a substantial influence on when catering equipment is purchased.
However there are more ways than ever to finance your kitchen equipment so you don’t have to try and find the money for that all important piece of kit which has failed in the worst possible month, financially.
Finance companies have become savvy to the catering industry’s needs, with a wide range of choices, they are more sympathetic and allow for seasonal fluctuations.
Some loans are now available that follow the seasonal flow and carry no fixed term and repayments can even be taken automatically through card terminals. This means the business can make a repayment when it can afford to, based on the income through the terminal.
Having the right equipment in your commercial kitchen, whether it be a hotel, pub, club or any other hospitality company can have a significant impact on food quality, staff numbers and happiness, customer satisfaction, running costs and your carbon footprint.
Leasing can provide the perfect solution for a business wanting to replace faulty or old units, fit the latest technology or look to expand their current hospitality operation, even when cash flow may not be the issue.
The benefits and reasons leasing should be a consideration:
100% tax deductible. Often meaning it is cheaper to lease than buy outright. At the end you can take ownership of the catering equipment or upgrade to the newest catering equipment technology available
Simple Budgeting. Keeping control of your working capital and easing cash flow, particularly with flexible repayment options. In addition you can also look to tie in extended warranty, service and maintenance costs.
Existing assets. Including commercial catering equipment, can be refinanced providing you with immediate capital.
Sometimes finance can be viewed negatively with the opinion that the company needs a cash injection. This often isn’t the case. Finance is the key to any business, particularly those in the restaurant and hospitality sector, to grow and develop. A lack of funds can stifle that growth and prevent it from becoming something great.
Always take your time and consider all of the options. Finance may not be required but don’t dismiss it thinking it should be your last resort. The right finance package can be what takes your company to the next level.
We can work with your own finance company or look to offer you packages through finance companies we have a long standing relationship with and know they will offer a service that’s right for you. And remember we can offer 12 months interest free credit on some brands which is a very successful option.
