Thanks to Armada Asset Finance for their blog contribution this week. A timely reminder that you ignore the new £1 at your peril!
The vending industry will not need reminding that the new £1 coin comes into circulation on 28th March 2017 and the existing £1 coin will be phased out by the Autumn of this year.
Now is the opportunity that vending companies have to replace their machines and modernise their image rather than replace internal mechanisms.
Changes being forced upon us, as is the case with new coinage, can bring advantages if we take a positive stance. Why allow our customers to watch us tinkering with old equipment when we can impress them with the new, latest model.
Richard Gelsomini (pictured) of Armada Asset Finance has reported receiving increased enquiries from vending companies requesting funding for new machines for this very reason. Armada have been funding vending machines across the UK for over 40 years and are experienced in dealing with proposals from £2000 up to around £100,000. Using asset finance to fund equipment purchases is a long established way of making the unaffordable affordable. Spreading the cost over terms of usually 3 years protects the cash flow of the business and can result in significant tax advantages.
Lenders such as Armada are known for making fast decisions, so there is still time to ensure you have everything in place in advance of March 28th, but with just a few months to go there is no time to waste.
