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Close for comfort W
ith his experience and market expertise, Spooner soon developed the busi- ness and now has a team
of four field-based professionals to meet the needs of the materials handing sector. With the backing of its FTSE 250-listed parent company, Close Brothers, the division is go- ing from strength to strength and has recently re-branded to Close Brothers Asset Finance.
Close supervision: Jeremy Spooner, national sales manager of Close’s materials handling team.
FRESH APPROACH £8.6 bn Assets under management by the Asset
Management division of Close Brothers (as of 31st January 2012).
Close quarters: Members of the Close team (left to right) – Jonathan Gee, Ian Carter, Jeremy Spooner and Graeme Usher.
So, what makes Close Brothers Asset Finance different? “From the outset, our strategy was to be different,” explains Jeremy Spooner. “We wanted to provide a fresh approach, providing entrepreneurial, flexible and niche funding options to give alternatives to what is already available in the market. Our back to basics ‘can-do’ approach enables dealers and manufacturers to increase sales and develop their businesses in these challenging economic times.” The positive news is that – according to the latest BITA figures – the new truck market has increased by 20% this year. But alongside this, many customers are looking to refresh or restructure their fleets with refurbished or qual- ity used equipment, providing a good, cost- effective alternative to new equipment. With this market knowledge, Close Brothers Asset Finance says it is ideally placed to not only provide funding of new trucks, but to also provide solutions to refinance unencumbered fleets, used equipment and other assets. In addition, it provides funding of dealer short- and long-term rental fleets and associated assets, which has empow- ered dealers to be flexible in providing their customers with tailored solutions. “Customer requirements
are wide and varied, looking at both new and used equipment,” says Jeremy Spooner. “Over the past three years, funding options for end users, dealers and manufacturers have become difficult from traditional funders
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in the market, due to exposure issues and tightening underwriting criteria. Close Broth- ers Asset Finance employs a different ap- proach to underwriting, ensuring that all the opportunities that are presented to dealers and manufacturers are fully explored so that they do not become a missed opportunity due to a lack of finance company appetite. “There are not many business that haven’t had an impact on their balance sheet during this tough economic climate,” continues Spooner. “The Close difference is that we understand this and we believe that if a business has a plan to grow then there is no reason why that ‘plan’ cannot be financed. “We do this by developing good, old-fashioned, back-to-basics relation- ships and getting to know each and every one of our customers and their business goals and aspirations. “Covering the whole of the UK, each member of the materials handling team has an in-depth knowledge and understanding of the market and assets, and is strategically located to ensure that they can respond to customer needs quickly and efficiently.”
FLAT HIERARCHY
Jeremy Spooner says the growth and success of the division can also be attributed to the flat management structure and lack of bureau- cracy within Close Brothers Asset Finance: “Underwriting decisions can be made at face-to-face meetings or over the phone, rather than being referred to a committee. We are well known for targeting less conven- tional deals employing risk-based pricing and highly personal underwriting to fund clients beyond the reach of the traditional lessors. This is business that can be written, but needs our special approach,” said Spooner. Close has a long-term commitment to this sector and Spooner and his team are passionate about support- ing materials handing growth. n
www.closeasset.co.uk Storage Handling Distribution May 2012 43
In January 2010, Close Asset Finance launched a dedicated materials handling (MH) division based at its Chester office. SHD caught up with Jeremy Spooner, its national sales manager.
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