WRAP Seeks New Lessors To Join Successful Equipment Leasing Scheme
WRAP (Waste & Resources Action Programme) is looking for new lessors to join its highly successful eQuip Residual Value Guarantee scheme. There are currently 10 finance providers signed up to the scheme and WRAP now wants to open the panel to new lessors as the recycling sector continues to grow.
Ian Wardle, Head of Business Support at WRAP, says:
“eQuip has already made a significant contribution towards meeting UK recycling targets. To date, 328 assets have been guaranteed through eQuip, at a value in excess of £19 million. These assets have already diverted three million tonnes of waste from landfill and the demand for this type of activity is going to grow rapidly in the next few years. We need other lessors to join the existing panel so that we can 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 related businesses. The purpose for which leases are made available is determined by WRAP, which will confirm the level of guarantee to the lessors. Negotiation and agreement of specific lease terms is left to individual applicants and lessors.
Lessor applicants should have a proven track record within the financial community, in particular in the provision of operating lease products. They should also have experience of leasing transactions to companies within the SME sector and to newly formed companies and businesses and be able to demonstrate a good understanding of the recycling sector through a track record of related investments. They should also hold membership of the Finance and Leasing Association (FLA) or be able to provide a statement that they will comply with the codes of conduct as sponsored by the FLA.
The extended panel will work with Cranmer Lawrence to further develop the eQuip scheme. Full details and an application form can be obtained from the WRAP website, www.wrap.org.uk, or by writing to Pam Golding, WRAP, The Old Academy, 21 Horse Fair, Banbury, Oxon, OX16 0AH.
The closing date for applications is Monday 4th February 2008.
Editor's notes:
- WRAP works in partnership to encourage and enable businesses and consumers to be more efficient in their use of materials and recycle more things more often. This helps to minimise landfill, reduce carbon emissions and improve our environment.
- 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
Alison Jones
Proteus Public Relations
Tel: 01295 279626
alison@proteuspr.co.uk
Viki Coppin
WRAP Press Office
Tel: 01295 819695 / 819677
viki.coppin@wrap.org.uk
