Wisbech manufacturing firm Priden Engineering to become first to launch financial services arm
- Credit: Archant
A Wisbech manufacturing company is set to become one of the first of its kind to launch a financial services arm.
Priden Engineering builds bespoke handling and discharge systems and aluminium components for commercial vehicles.
Now the company, based at Algores Way, has teamed up with truck finance specialists Indelease to provide a package of white label funding solutions for its customers.
Kevin Walker, operations director, said: “Providing financial services is new for us. I believe we’re one of the first manufacturers to do so and it’s a great addition to the range of services we can provide.
“Finding the right contract hire or HP package can be a complicated and time-consuming business and that can be an issue for fleet managers or busy operators who don’t necessarily have the time to shop around.
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“Priden Financial Services will offer bespoke funding options at point of sale and, by linking up with a company who are experts in the field, we’re confident of being able to secure the best deals possible for our clients.”
The collaboration with Indelease, which goes live for the first time this week, includes the provision of repair and maintenance packages and could soon extend to fleet management.
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“We want to become a one-stop shop for customers with commercial vehicle requirements and this is a major step towards that goal,” Mr Walker added.
“It enhances our overall proposition and reflects well on us as a company.
“Indelease has a vast amount of experience in this area and a wealth of first class contacts so, hopefully, our conversion rate will be quite high.
“But even if customers go away and compare our rates with other providers, then at least we’ve given them a valuable service.”
Priden, first established in 1988, now has an annual turnover of £13.5m and employs more than 100 people across three factories.
Alongside its transport operation, the company also designs, manufactures and services machinery for the food and beverage industries.
Contract hire experts Indelease specialise in providing a range of funding solutions for new or used vehicles and trailers.
Finance director, Oliver Smith said: “There are unique advantages to each method of financing new assets and it’s crucial to fully explore the options.
“We have strong relationships with a vast number of financial institutions and are ideally placed to secure the most efficient and commercially appropriate solutions.
“We have an existing relationship with Priden, having worked with the company in the past, and I’m confident our collaboration can benefit their customers.”