WRAP Doubles Lessor Panel For Equipment Leasing Scheme
WRAP (Waste & Resources Action Programme) has appointed 10 new lessors to its highly successful eQuip Residual Guarantee scheme. The new lessors join the 10 existing panel members and will help to guarantee asset finance as the recycling sector continues to grow.
Doubling the opportunity for recycling businesses to source finance, the eQuip lessor panel now also includes: Close Asset Finance Ltd, Clydesdale Bank, De Lage Landen Leasing Ltd, Fortis Lease UK Ltd, HSBC Equipment Finance (UK) Limited, ING Lease (UK) Ltd, JCB Finance Ltd, KBC Lease (UK) Ltd, Triple Point Investment Management LLP and Vision Asset Finance Ltd.
Ian Wardle, Head of Business Support at WRAP, says:
“Since its inception in 2004, eQuip has made a significant contribution towards meeting UK recycling targets. To date, 358 assets have been guaranteed through eQuip, at a value in excess of £21 million. These assets have already diverted three and a half million tonnes of waste from landfill and the demand for this type of activity is going to grow rapidly in the next few years. The extended panel of lessors will help the recycling sector to keep pace with this demand.”
The eQuip scheme was launched in 2004 to stimulate investment in the recycling sector and is managed by Cranmer Lawrence & Company Ltd, the specialist asset management and remarketing company, on WRAP’s behalf. The scheme offers Residual Value Guarantees on plant and machinery to lessors able to provide operating leases to recycling businesses. WRAP determines the eligibility and level of support to be provided to the lessor based on the type of asset and purpose for which the asset will be used. Negotiation and agreement of specific lease terms is left to individual applicants and lessors.
The extended panel will work with Cranmer Lawrence to further develop the eQuip scheme. Further details of eQuip can be obtained from the WRAP website: www.wrap.org.uk.
Editor's notes:
- The 10 new lessors join existing panel members Alliance & Leicester Commercial Finance plc, Bank of Scotland, Barclays Bank plc, GE Capital Equipment Finance Ltd, HFGL Limited (BNP Paribas), Kaupthing Singer & Friedlander Commercial Finance Ltd, SG Equipment Finance Ltd, Siemens Financial Services Ltd, State Securities plc, System Rental UK Ltd.
- WRAP helps individuals, businesses and local authorities to reduce waste and recycle more, making better use of resources and helping to tackle climate change
- Established as a not-for-profit company in 2000, WRAP is backed by government funding from England, Scotland, Wales and Northern Ireland.
- Working in seven key areas (Construction, Retail, Manufacturing, Organics, Business Growth, Behavioural Change, and Local Authority Support), WRAP’s work focuses on market development and support to drive forward recycling and materials resource efficiency within these sectors, as well as wider communications and awareness activities including the multi-media national Recycle Now campaign for England.
- More information on all of WRAP's programmes can be found on www.wrap.org.uk
Zoë March
Proteus Public Relations
Tel: 01295 279626
zoe@proteuspr.co.uk
