A West Yorkshire company is changing direction on the back of a six-figure package from a County Durham finance firm.
Former rental broker Levels Above is making a switch to become a powered access rental company after receiving nearly £160,000 in finance via Durham-based Anglo Scottish Asset Finance.
Anglo Scottish helped Levels Above purchase a delivery van and 14 electric drive scissor lifts, which the company has already hired out to clients such as the Royal Air Force and Sainsbury’s supermarket.
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Levels Above, which has its headquarters in Wakefield, was established in March 2020 and pivoted its offering at the beginning of this year. Having built up a strong client base, owners Russell Anderson and Neil Blakemore decided the time was right to invest in their own equipment.
As a rental broker, the company, which has 10 employees, found the best hire deals for clients on machinery but as it can now supply machinery directly it is seeing a significant boost in its profit margin, from 25% to 50%.
Established in 2007 and with headquarters in Chester-le-Street, Anglo Scottish is an independent business finance broker which provides a range of financial services across the UK including asset finance, business loans and vendor and dealer finance, as well as personal vehicle solutions and vehicle sourcing.
Mr Anderson said: “Since the formation of Levels Above, we have built a phenomenal client base and supplied contracts with the likes of Harrogate Nightingale Hospital, Trafford shopping centre and St Steven’s shopping centre. In addition, we have also supplied well-known high street brands, Next, Boots and TX MAXX.
“In our second financial year, we have seen turnover increase from £750,000 to £2.5m. We made the decision to change our business model even though we experienced such growth. In the next financial year, we expect turnover to be in the region of £2.5 to £3m but, unlike previous years, our profitability will be far greater. In addition, the machinery we have purchased means that we now have assets that will hold residual value at the end of their life cycle.
“All of this would not have been possible without Anglo Scottish. From start to finish, the service we have received has been exemplary and, unlike when you approach a bank for finance, it works with a plethora of lenders and so was able to find us the best deal possible. We view this as the start of a long-term working relationship and plan to seek help with further finance on a variety of equipment.”
David Foster, managing director at Anglo Scottish Asset Finance, said: “It is always fantastic to see businesses, such as Levels Above, look at new ways to increase profitability. At Anglo Scottish, we also monitor the market to see what services we can add to our portfolio in order to benefit our client base such as our most recent offering, prestige car finance.
“Levels Above is thriving and we look forward to continuing to help it add to its growing list of assets, which will further increase profitability. There is simply no better feeling than receiving feedback from clients that our services have had a positive impact on business productivity and, ultimately, their bottom line.
“Anglo Scottish is an enabler for business growth and we do not take the relationships we develop with our customers lightly. That is why we continue to streamline our processes and it is our promise that we will always look to find the lender that is the best fit at all times.”
