The Norfolk firm financing everything from paint sprayers to Ferraris
- Credit: Chatsbrook
From Ferraris to helicopters, a Norfolk firm has helped its clients to live the high life in the 18 months since it was launched.
Now Chatsbrook, which is based at Ketteringham Hall, is expanding its team as it seeks to help customers fund investment and free up cashflow to tackle uncertain times.
Founder Adrian Brooks said the asset finance company was on target to hit its £10m lending target for 2018.
The firm has added a digital marketing specialist and is in negotiations to bolster the team with a two more people to take it up to five.
In his first year of trading Mr Brooks negotiated lending of £5m for a variety of projects, ranging from paint sprayers and agricultural machinery to prestige cars.
The firm brokers deals with financial institutions and says it is able to negotiate good rates due to repeat business.
This year Mr Brooks has worked on deals for helicopters, Ferraris, Bentleys and even received an enquiry about a private jet.
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He said companies had been keen to find liquidity through financing arrangements, particularly in the agricultural sector.
He said: 'We have had several customers coming to us looking to free up cashflow. They have all been in the farming sector and they are trying to prepare themselves so they have enough cash around after Brexit, should they need to buy more equipment.'
Chatsbrook, which was founded in January 2017, has also seen recent changes in the car market with owners holding on to their cars for longer and buyers more willing to look at used vehicles.
'We are seeing customers taking on shorter contracts on cars, two years rather than four,' Mr Brooks said. 'With the concerns about petrol and diesel the car market is in freefall at the moment and companies don't want to have to take on the depreciation at the end of the term.'
Mr Brooks said he had seen some knock-on effect from the Bank of England beginning to raise interest rates, causes customers to be more cautious with borrowing. This week's freezing of the base rate had led to hopes businesses may seek funding while the going is good, he added.