February 1 2015 Latest news:
Shaun Lowthorpe , Business editor
Thursday, January 23, 2014
The boss of Future 50 firm Credo Asset Finance said the business was looking to build on the significant growth of 2013 as it seeks to secure new routes of funding to help businesses.
Simon Gray, founder and director of the business, said the company has secured £1m of funding which is projected to increase its own lending from £600,000 at the end of 2013, to more than £2m by the end of 2014.
Predicting a “bumper year ahead” he said the company is in the final stages of negotiations to secure funding of a further £750,000 to be made available during the course of the year, enabling them to accelerate growth plans still further.
Founded in 2005, he said the business along with others in the sector had suffered as a result of the recession.
But despite difficult trading conditions in recent years, the company has continued to grow and expand.
“Asset finance has certainly been a difficult market to be in during the recession, as funding has become increasingly hard to secure with funders disappearing and a shrinking market has seen a reduction in investment in vehicles and plant,” Mr Gray said. “This has been particularly evident in the construction industry, in which we saw very little investment between 2009 and 2012.
“However, we have always specialised in securing finance which other lenders might be unwilling to release and this has been made even more possible with the creation of our own funds.
“So with over £1.5m now available on our book and a further £750,000 in the pipeline, we look forward to continuing to support businesses and individuals throughout East Anglia as we come out of the recession.”
The company enjoyed “significant growth” in 2013, appointing three new members of staff, while this year has already seen the appointment of James Bligh, who joins the team from Barclays Premier, to the newly created role of Business Development Manager.
Mr Gray said he was currently working with other local businesses to create a number of schemes to support young people in business.
He added: “Historically December is a quiet month in asset finance, but we were busy right up until Christmas and in the period leading up to New Year. I believe that this is a barometer for the increasing confidence in the market place and hope that we can now all look forward to an exciting two or three years as the economy begins its recovery.”
Around 2,000 Tesco workers discovered their jobs were at risk after the supermarket giant disclosed the locations of 43 store closures including two in Essex - a Homeplus store at Chelmsford and a smaller store in Heybridge.