CBILS gives business a boost – Ignition

Ignition, a leading UK provider of vehicle and asset finance for SMEs, has been assisting businesses with securing loans through the Coronavirus Business Interruption Loan Scheme (CBILS), which is due to close at the end of March.

Plymouth based Groundworks and Civil Engineering company, XCAV8 (SW) Limited, recently strengthened its business with the purchase of three new Doosan excavator’s worth more than £200,000, financed through Ignition. 

Established over a decade ago, the company is contracted for the groundworks and civil engineering aspects of building projects and developments across the South West working with various companies.  

XCAV8 has worked with Ignition frequently over the years, purchasing vans and various machinery. According to Director, Matt Halligan, the company soon realised that it is much more cost-effective to purchase equipment on a finance package rather than hire in.  

“For the last six years we have taken the view that if we ever need hire equipment for more than three months, we look to purchase instead.  The repayments are always cheaper than the hire cost, and then we own the equipment outright,” he commented.

“The process is always very quick and easy with Ignition, particularly since they have our information to hand and know our business well.” 

Two of the three Doosan excavators were purchased using CBILS, which provides loans interest free for the first 12 months. 

Matt added: “Like most businesses, we were adversely affected by the coronavirus lockdown at first.  We stopped operating for a short time and furloughed our workers.

“But fortunately, we were soon approached to undertake work for hospitals and other essential projects and have been busy ever since.  All of our staff are back from furlough now and we are continuing to go from strength to strength.”