“Tax incentives and grants also exist to support continued investment,” Bunker says, adding: “Also, mergers and acquisitions continue as commonplace, with many businesses looking for the opportunity to reap the benefits of consolidation, or to revitalise a business that otherwise has no continuation or exit strategy. “We’ve helped businesses across the industry find and see opportunities like this through to fruition, supporting them with the finance required at various stages of the project.” Profitable venture Also in a position to provide financing and funding support is Close Brothers, a UK merchant banking group that offers businesses lending, deposit taking, wealth management services, and securities trading. Close Brothers has a specialist team dedicated to the print industry, with those operating in wide-format print able to speak with these experts about their funding requirements. “Seeking financial support will help manage cashflow and allow businesses to budget better and see how the machine will be profitable over the year,” says Joe Hall, regional sales manager on the print team at Close Brothers, adding: “It also allows them to pay when it best suits them rather than taking a large or fixed hit at a non-opportune time. “As to what wide-format print companies, and indeed sign-makers, should consider when going down the route of financing, Hall says that they should ask themselves what they truly want to achieve rather than just what they know is available. “They should see the assets they currently have as a vehicle for raising capital and helping fund ventures,” Hall explains, continuing: “Also, could a new piece of equipment help win new business or grow the current offering to existing customers?” Adam Baldwin, area sales manager on the print team at Close Brothers, also weighs in with some advice for businesses in the sign industry, saying that they should seek out a funding partner that understands the market and can offer flexibility, such as seasonal repayment terms. With this, Baldwin goes on to speak about some of the options available to sign-makers and wide-format printers from Close Brothers, saying there are a number of ways that the group can support. “The options available to companies in the sign industry from Close Brothers include helping with investments in new equipment, raising cash to support growth or restructure, as we have also funded mergers and acquisitions in this sector,” Baldwin says, adding: “Now is also a great time to look at growth projects because we have access to the Recovery Loan Scheme. “We can look to support businesses who are looking to carry out financial housekeeping, with a view to reducing overheads. This has been an incredibly common solution for a lot of our customers post-pandemic, as many businesses adjust to their “new normal.” “The print team has an excellent track record of supporting businesses with more complex financial requirements.” Hall concludes with two additional pieces of advice for sign businesses considering taking on some form of funding or financing. First, he says that they should consider agreements that offer seasonal payment plans to best suit their needs throughout the year, and secondly, by working with a trusted provider, this will allow valuable insight into equipment through Close Brothers’ relationship with numerous suppliers. In a perfect world, sign-makers of all shapes and sizes would be able to invest in what they want, when they want, and ensure they are offering the highest quality service to their customers. However, as we all know, we are living in a far-from-perfect world and sign-makers, along with companies across almost all sectors (perhaps with the exception of energy suppliers) are having to tread carefully when it comes to finances. With the support of trusted providers, such as those mentioned here, sign-makers can make the investments they need to take their business to the next level. However, as is the case with any form of financial decision in business, it is critical that sign-makers consider whether they actually need the funding, if they can afford the repayments, and if it will truly help the business in the long run. If the answers to these questions are “yes”, then there are plenty of reliable and approved providers ready and waiting to support you with your latest venture. 71 We can look to support businesses who are looking to carry out financial housekeeping, with a view to reducing overheads ▲ Close Brothers has access to the Recovery Loan Scheme until June 2024 Issue 245 - April / May 2023 email: news@signlink.co.uk NEED TO KNOW / FINANCING AND FUNDING
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