Asset financing to the tune of £100,000 has been extended to AFOS Ltd, an East Yorkshire-based provider of high-quality stainless-steel equipment for the food and medical sectors, by Bibby Financial Services.
AFOS supplies equipment including smoking kilns, defrosters, deglazers and dryers to an international customer base.
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The medical arm of the business supplies specialist refrigeration ventilated stainless steel equipment and a range of servicing and maintenance to the NHS and private healthcare sectors.
Providing mortuary, pathology and laboratory installations, AFOS works with hospitals, anatomy schools, teaching hospitals, medical research laboratories and veterinary schools across the globe.
Bibby FS has partnered with AFOS for the past nine years.
Following the outbreak of Covid-19 in the UK, the company experienced increased orders for medical facilities and urgently needed to manufacture more stock to provide to the NHS.
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By GlobalDataAFOS approached Alex Snowden, a relationship manager with Bibby, who identified asset finance as a suitable solution and introduced the business to Graham Ingham in Bibby Financial Service’s asset finance division to support their needs.
Working closely with the business, Ingham was able to structure a sale and hire purchase agreement within days of the initial request.
A £30,000 asset finance facility was approved immediately with the scope to increase to £100,000 if required.
Based on the NHS’s prediction that existing facilities would be overwhelmed during the pandemic, the funding has enabled the business to keep up with the demand for permanent and temporary equipment throughout the crisis and provides flexibility to respond to a second spike, should one occur.
Debbie McNally, medical sales director at AFOS Ltd, said: “Our business is fairly niche, so it’s great to have that relationship and flexibility with a funder that knows us. We’re not just a number to them – they really understand the business.
“When the pandemic began, we quickly saw an increase in demand for our products from the NHS. It was our relationship manager who suggested that asset finance might be a good option.
Graham Ingham of Bibby Leasing, said: “It was really important that we could provide Debbie and the team with a solution that met their immediate needs and provided the flexibility to extend as and when it was required.”
