Catering and restaurant equipment are the heart of your hospitality business. To grow, you need to provide the best service, and to provide the best service, you need the best equipment.
However, there is no escaping the fact that catering equipment is a substantial investment, and whether you are a budding enterprise or an established business, it is possible that you might not be able to afford such a costly investment without adequate financing.
In this article, we explore how catering equipment finance can help you to maintain crucial cash flow to support the growth of your hospitality business, including what options are available to you and how you can apply.
Which businesses are eligible for catering equipment finance?
Catering equipment finance and leasing solutions are available to a wide range of businesses, including establishments such as:
- Hotels and restaurants
- Pubs, bars or bistros
- Fast food outlets
- Facilities which process or manufacture food
What types of catering equipment can be financed?
Each business is unique, and this depends on your specific requirements, but it is possible to secure funding for a wide range of commercial equipment, including:
- Cooking equipment, such as ovens, deep fryers and microwaves
- Refrigeration equipment, like fridges and freezers
- Coffee machines
- Vending machines
- Ice machines and cold rooms
Any equipment required in a restaurant, such as cash registers or furniture is also eligible for catering finance.
What catering equipment finance options are available?
- Hire purchase – Gain immediate access to the assets as you hire them, with the option to purchase at the end of the lease.
- Finance leasing – Lease catering equipment for a set time period without a large upfront investment.
If you’re not sure which finance option is the best choice for your business, don’t hesitate to get in touch with our team of experts today to learn more about the different finance solutions available for bespoke advice.
What are the benefits of catering equipment finance?
No business should have to compromise growth for the sake of investment. You need to continue making profits while your operation expands.
That is why securing catering equipment finance can provide some excellent business opportunities for those in the hospitality industry:
- Improve your standard of service while protecting your cash flow
- Extend the range of services you can offer
- Increase the efficiency of your operation
- Gain access to top-of-range catering equipment
- upgrade appliances regularly and maintain a leading edge
- Make lease rental payments for catering equipment, which may be 100% tax deductible against your profits
- pay as you use catering equipment, rather than investing in full upfront
- Plan your budgets for the year, with fixed rentals for the duration of your agreed term
- Gain access to catering equipment without affecting any other lines of credit you may have
How do I know if I need catering equipment finance?
This depends on the scale you want your hospitality business to grow and what you require to meet your business growth trajectory.
This can include upgrading your current machinery or appliances, or replacing them with entirely new models. You may even want to extend your business by shifting your operation to a new, larger or better equipped premises. All of these options are obtainable through catering equipment finance.
Whatever your business ambitions may be, investing in equipment can broaden your services, and a great way to gain access is through catering finance.