When the COVID-19 pandemic struck earlier this year causing widespread uncertainty in the marketplace, Sheffield-based machine tool distributor, Ward Hi-Tech stepped up to the plate and launched its ‘Confidence Package’ – a scheme designed to boost confidence at a time when companies were understandably reluctant to invest in new machinery – even if there was a legitimate need.
The Confidence Package comprises a simple rental scheme that enables a user to lease a new CNC lathe or machining centre on a short or long term basis to suit their requirements. The machine can be purchased outright at the end of the rental period or simply returned – thus negating any concerns about making a long-term commitment.
Now, four months on, the business has introduced a series of enhancements to the scheme in addition to its ‘Big Stock Sale’.
“Many stocking machine tool dealers have plenty of inventory at the moment, however, in itself, stock availability isn’t necessarily a guarantee of encouraging customers to invest,” explained Ward Hi-Tech’s managing director, Alan Hill. “I think the key is to simplify the purchasing decision making process and to be able to give potential buyers real confidence to move positively.
“With that in mind, our message is that that we believe our offering is unique in the marketplace – because we’re not just a stocking machine tool distributor, but also an accredited finance broker and provider of funding packages, with incentivised terms, that are generally not available from other machine tool dealers. We have enhanced our Confidence Package options so that we are able to tailor funding to suit the changing times we all face at the moment.”
In more detail, Ward Hi-Tech’s rental scheme will appeal to companies that may be unsure about the future but have a definite short-term requirement, which could develop into a long-term commitment. They can take a stock machine tool, arrange a rental period from 12 months upwards and simply return it on completion of the term – or, keep the machine and Ward Hi-Tech will finance the remaining balancing payment over one to five years.
Alternatively, customers can take up a ‘Buy Now Pay Later’ HP deal and benefit from a payment holiday up front to ease into the new installation before having to start monthly repayments. Or, they can simply buy a stock lathe or machining centre and for a limited period sign up to a 0% interest deal, that will save thousands of pounds over the term of the finance agreement.
“Based on our understanding of specific customer needs we can if required combine elements of any of the above alternatives in a tailored arrangement to really allow a buyer to feel at ease with our approach and hopefully be encouraged to invest in a new machine tool,” Mr Hill added.
“We genuinely take the effort out of the funding process – and at the moment that can be the difference between taking the plunge and investing in a new (or second hand) machine, or deciding that the business climate is just too difficult to jump through all the multiple hoops the finance institutions insist upon right now.
“We do the work. We arrange the funding and we provide the machine tool. A little cliched perhaps but it’s a real ‘one stop shop’ arrangement.”
Ward Hi-Tech has a large inventory of machine tools from small to large, turning and milling – , one of the largest in the UK in fact. The company has a highly experienced finance division with access to funds from multiple sources including its ‘own book’ and is able to include incentives currently being provided by the Government to help with the economic situation caused by the coronavirus pandemic.
Ward Hi-Tech www.wardhitech.co.uk