At Solutions Asset Finance (SAF), building long-standing and trusted relationships is a fundamental part of our service offering, and we’re keen to recognise the fantastic and progressive partnerships we have in place. That’s why we’ve decided to create “Supplier in the Spotlight” - an online blog series dedicated to celebrating our collaborations with suppliers.
We have been working alongside bed manufacturer, LINET, since June 2019, whilst having a long-lasting partnership with the LINET senior team for well over 10 years, supporting the company by providing a bespoke branded finance solution, LINET Finance. With this, LINET makes a perfect first guest in our new series...
Client name: LINET UK
Client services: Manufacturer of hospital and nursing beds
Client brief: LINET UK works primarily with the NHS and recognises the financial and budgeting difficulties that often occur when hospitals need to replace, upgrade or improve existing bed stock. To combat this, LINET wanted to offer a finance option to NHS Trusts who are unable to find the capital outlay for immediate acquisition of new equipment.
SAF’s solution: Working in close partnership with the team at LINET, SAFs commercial and financial experience within the market sector enables us to develop a tailored branded finance solution. From this, we were able to implement an integrated payment plan that would allow LINET to supply much-needed hospital beds to NHS Trusts, meaning patients could benefit from new equipment straight away.
Rental periods ranging from 3-15 years can be adapted to suit the NHS Trust or healthcare provider in question, meaning that clients have the option to spread out their repayments across periods of up to ten years. In recognition of the changing and evolving demands on the NHS, we also incorporated the option of deferring the first rental payment for up to twelve months to align with a new financial year.
What the client said: “LINET UK has worked successfully with Solutions Asset Finance as our exclusive customer financial solutions partner for a number of years now. We chose to work with SAF due to their in-depth knowledge and experience of NHS and private sector procurement and their understanding of the often-complicated procedures and policies involved with public sector finance.
“We work with SAF in a truly branded partnership agreement, with their team very much an extension of our own. The SAF team is furnished with LINET business cards and attend our meetings with customers regularly. With capital funding increasingly stretched in both the private and public sectors, the financial options developed by SAF have contributed greatly to our recent sales growth.” – Les Smith, Managing Director – LINET UK
Ongoing support: SAF implemented a branded finance solution that is fully bespoke to suit the needs of LINET’s customer base. We also continue to assist them through dedicated sales support, sharing our expert public sector knowledge with their sales team and implementing an effective sales strategy to ensure they are successfully converting sales opportunities to orders.
Our support includes regular attendance at sales meetings, providing updates and answering questions to ensure the finance solution in place remains fit for purpose.
Benefits of the partnership: By offering their customers a branded finance option, LINET has increased success in converting sales into orders. Their clients can benefit from new, updated equipment immediately, eradicating the need to find upfront capital and avoiding delays caused by budget concerns at a time of economic uncertainty. In recognition of budget constraints, a structured payment plan may also shift expenditure from the capital to revenue budget - a much more attractive alternative for NHS Trusts.
By ensuring each repayment plan is bespoke, time frames can be applied to suit the client in question, providing them with fixed costs over an agreed timeframe to facilitate easier budgeting.