Top 50 UK Asset Finance company, Shire Leasing PLC, has launched a dedicated Technology Finance division to increase the accessibility to finance options for businesses investing in solutions from IT Channel Partners and Value-Added Resellers (VARs).
Research from The Federation of Small Businesses (FSB) cited that the average cost of introducing any type of innovation over a three-year period amounts to over £27,000 for a small firm, with 28% of businesses surveyed identifying affordability as a barrier to adopting new technologies (Source: FSB).
Amongst a wide breadth of industries, asset finance is used as a popular cash flow solution for thousands of UK businesses investing in new equipment, with over £38 billion asset finance transacted in the UK in 2023. Established in 1990, Shire Leasing is now one of the UK’s largest independent asset finance providers, supporting over 66,000 UK customers through a broad range of financial products. Through their vendor finance programmes, Shire Leasing also work directly with equipment manufacturers, suppliers and vendors, offering their B2B customers budget-friendly finance options at point-of-sale.
Despite the scale of asset finance across the B2B marketplace, in the 12 months to June 2024 only £1.2bn was transacted for IT equipment finance, a relatively small figure in the overall asset finance market and more concerningly, a 6% reduction on the previous year (Source: Finance and Leasing Association). As businesses increasingly require upgraded IT infrastructure and services, financing options have become a critical aspect of supporting these investments.
Shire Leasing’s Technology Finance division is designed to help IT Channel partners and VARs offer businesses more accessible financing options at point-of-sale, enabling their customers to adopt and invest in their technology solutions without significant upfront costs. A key goal of the Division is to raise the awareness and benefits of financing technology, as well as negate current perceptions that only hardware can be financed, with soft costs, hardware and software (including software-only finance agreements) all financeable.
The company has appointed Martin Ardern as ICT Sales Director to lead the specialist Technology Finance team, focused on developing new accounts and enhancing support for partners and VARs with tailored finance programmes. Ardern brings over 30 years of experience in asset finance, with more than two decades focused specifically on the Technology sector holding senior positions at European finance companies, including BNP Paribas, GE Capital, and Lloyds. At these firms, he successfully created, built and deployed finance programmes with leading IT manufacturers and major software companies.
Martin Ardern expressed enthusiasm for the new Technology Finance proposition being offered to the Channel, stating, “ICT solutions and evolution are often vital to the growth and success of SMEs, helping to improve operations and efficiencies in competitive business landscapes. Shire Leasing already has extensive capabilities in developing bespoke finance programmes for the channel, working with market-leading blue-chip distributors as well as smaller B2B resellers. I’m excited to bring my specialist expertise to develop further finance programmes across the Channel, ultimately improving B2B sales conversions and supporting SMEs to grow affordably.”
Shire Leasing already provide a range of dedicated channel finance solutions through existing partners and VARs. These include the Technology Lease, which allows SMEs to finance equipment and associated software and soft costs (such as licenses, support contracts, and training) under a single agreement. Additionally, the Managed Rental Agreement offers a comprehensive package, including a recurring revenue collection facility. This ensures all costs are covered with a single payment, with subsequent recurring revenues distributed back to partners and VARs.
VARs interested in learning more can visit the Shire Leasing website.
About Shire Leasing
Established in 1990, Shire Leasing is one of the UK’s largest independent asset finance providers, supporting over 66,000 UK customers. The company offers a broad range of financial products including equipment leasing, hire purchase and business loans, tailored to support SMEs with growth and business equipment investment across various sectors. Through their vendor finance programmes, Shire Leasing also work directly with equipment manufacturers, suppliers and vendors, offering their B2B customers budget-friendly finance options at point of sale.
