For buying and refinancing gym equipment
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Purchasing new exercise equipment using company cash can put a huge strain on cash flow.
Workout equipment like weights, treadmills, cross-trainers, rowing machines etc don’t exactly come cheap – and paying for these upfront will come with a hefty price tag. And furnishing a gym goes beyond just the equipment – you’ll need lockers, floor mats, mirrors etc. The costs can rack up pretty quickly.
Leasing can therefore be more effective. This is effectively a rental agreement where a lessee can use and operate equipment or machinery under a lease agreement from the owner (lessor) in return for regular payments. Depending on the type of lease agreement at the end of the term, the lessee can continue making payments to carry on using the equipment, get an equipment upgrade to benefit from improved technologies or return the equipment back to the owner (lessor).
There are 2 types of equipment lease:
With hire purchase you can spread the cost of the asset you are buying over time. You own the asset at the term end and you are responsible for maintenance and insurance. Typically a hire purchase agreement will require an initial down payment followed by a set number of repayments of capital plus interest over a fixed term. Typically the type of assets purchased under a hire purchase agreement include business vehicles such as vans and lorries, but they can apply to fitness equipment too.
If your business own assets, then it may be possible to unlock value to release cash. Typically there are two ways to raise finance in this way. One way is to use the asset as a security for a loan. The second way often referred to as asset based lending is where you can sell an asset to a specialist lender for an agreed amount. Your business can then lease the asset back from the lender based on an agreed capital plus interest repayment schedule.
Call us today to discuss your requirements on 0203 900 4322
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