PAYMENT ASSIST LTD
Unexpected vehicle repair bills can seriously dent a person’s finances – and that’s if they have the money available in the first place.
Payment Assist Ltd provides payment plans for garage vehicle repairs, with the service currently offered by big household names such as HiQ (part of the Goodyear Dunlop Group), Renault, Bristol Street Motors, and Formula One Autocentres*.
A solution to a common problem, the interest- and fee-free payment plan ensures motorists aren’t burdened with charges and interest, allowing them instead to spread the cost of any work over a number of months. The benefit for the partner garage is the prospect of more work and assured payment.
Payment Assist’s revenue is generated from partnerships with garages and service providers – a model that has so far proved hugely successful and fiercely popular. A total of 360 UK garages have already signed up.
Continued rapid uptake of the payment service means the company is now looking to accommodate growth by bolstering its current funding lines with a £100,000 loan over 60 months. This will help it maintain a strong position in the market and become one of the biggest names.
Backed by a management team with a wealth of corporate finance experience – with one of the team having worked for major banks RBS and Barclays over a 12-year period – and operating in the £11.3bn UK Automotive Aftermarket, the FCA-regulated business is projecting a turnover of £2.5m for year-end May 2016.
*The full list of Payment Assist partners is available on the company’s website.
Purpose of Loan
The £100,000 will:
– Assist with the growth in the business, providing finance to re-lend out to customers
– Funds will be allocated as a percentage in each of the existing loans the company has in place and also as a share in all the future loans it has set up, thus allowing the business to re-lend the capital that it’s paid back to facilitate the growth
– The loan is the first investment into the business to help with the current growth.
Colin has a degree in Economics and business, five years of retail management experience and 12 years of Corporate finance experience within 2 of the major banks in the UK (RBS and Barclays)
Neil has 30 years of running a business within the automotive sector, vast experience of sales and contacts within the industry.
Why lend to us?
The company is FCA regulated FRN 622544.
All funds lent to the business will be used to lend out again, giving the loan providers comfort in the knowledge that there is paper debt behind their loans to the company.
All the company’s financing is Sharia compliant and the business’s paperwork has been approved by Shoosmiths Solicitors. The business is on a significant growth curve and is keen to keep this going and become and remain the biggest players in this market.