Arnold Plant Hire has been hiring plant and machinery to the construction industry and general industry including foundries, recycling and manufacturing for 30 years. Like many businesses, the COVID-19 outbreak brought unprecedented challenges and when the nation begun lockdown, the firm needed to furlough most of the team with the initial outlook uncertain.
Thankfully, with customers spread over many sectors, including essential services like recycling, the majority of their 350 strong hire fleet remained on hire with only temporary disruption. Loyal to their customers, Arnold Plant Hire has been flexible and supportive to their customers during this period.
Arnold Plant Hire, a long-standing customer of JCB Finance, who provide Hire Purchase and Leasing on JCBs and other compatible plant and machinery accepted an emergency payment pause offered by the lender as part of a swift COVID response.
Arnold Plant Hire Finance Director, David Hardman said “JCB Finance were quick to offer support and gave us relief when we needed it. Help when you need it - is something you can rely on from JCB Finance.”
The Arnold Plant Hire business model is based around cyclical renewal of their fleet, to offer customers machines with the latest engineering advancements in efficiency, safety and reliability. Now, as the country begins to bounce back, JCB Finance has helped the firm to secure a Hire Purchase facility backed by the Coronavirus Business Interruption Loan Scheme (CBILS) used to purchase 4 new JCB 437HT Loading Shovals from Gunn JCB Ltd that will be placed on immediate hire due to customer demand.
The CBILS-backed Hire Purchase from JCB Finance is a 53-month term facility with 6 months no capital payments and the first 12 months interest paid by the Government. Following their recent accreditation by the British Business Bank, JCB Finance has been promoting the offer to help business impacted by COVID-19 continue to invest.
David Hardman said “The Coronavirus Business Interruption Loan Scheme is a crucial initiative to give businesses, like ours, the confidence to continue investing. To simply keep going isn’t enough – investment is a must if the economy is to grow and improve productivity. Applying for the CBILS loan through JCB Finance was easy, they understand our business and provide us with an excellent service.”
JCB Finance are consulting with customers and other UK businesses within construction, agriculture and industry who have been impacted by COVID-19 to see how they may benefit from the scheme. Applications must be accepted by 30th September 2020 to secure a facility and have up to six months to draw down following acceptance.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on BBLS, CBILS and the list of participating lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk.
JCB Finance Ltd is authorised and regulated by the Financial Conduct Authority (Firm reference number: 708332).