According to the most recent report from the Office of National Statistics (ONS), output for all construction work has reached an all-time high. The industry saw an increase of 1.5% in May taking figures up to £15.1bn – the largest amount since ONS began publishing data in 2010.
May 2022 became the seventh consecutive month of growth in output, mainly due to an increase of new commercial work which rose by 2.8% according to ONS. Within that field, the main contributors were new private commercial work and private housing, increasing by 12.1% and 7.2% respectively.
Order books appear to remain strong despite the rise in product costs and VAT increase for red diesel. With the rise in new commercial work, there are many contract opportunities available for the taking, found on places such as glenigan.com or b2bquotetenders.com, but the inflationary and supply-chain pressures that have impacted the sector remain a concern to many.
In order to capture new commercial opportunities, it could be you need to invest in increasing productivity and efficiency to heighten your chances of winning contracts. However, in times such as these many businesses question the affordability of doing so, whether it’s purchasing new plant and vehicles, hiring more staff, covering fuel costs or purchasing materials to secure your supply chain – all of which can help you target new areas of work.
Asset finance can enable you to get the tools, plant and vehicles you need now to put you in a stronger position to obtain new contracts whilst spreading the cost with fixed monthly payments, preserving existing credit lines and avoiding price inflation. Whether you need specialist equipment for large-scale work such as cranes and high-powered plant, or smaller equipment and commercial vehicles, we can help you get it in a way that’s affordable. Enquire about Asset Finance here.
For example, if you were to finance a new JCB 16C-1 Canopy Excavator worth £22,250 over a 6-year term, you could pay as low as £383.05 per month with an annual flat rate of 3.9%.
Getting a business loan can also cover operational costs and expenses, boost cashflow and help to buy products and materials. You can borrow anywhere between £10,000 and £1m with secured fixed monthly payments which can help you grab opportunities that are bigger than the potential repayments. With supply chain difficulties causing delays and disruptions, a cashflow loan could also help you bridge any gaps between invoices and getting paid. Enquire about business loans here.
In recent times, we’ve been helping finance commercial vehicles, plant and scaffolding equipment to businesses in the construction industry. We’ve also helped many companies secure business loans
Portman can help SMEs finance most asset types and loan purposes. With access to over 40 lenders, and as a lender ourselves, we can offer finance that others may not. We consider all credit histories and look to provide solutions quickly; in some cases, delivering approvals within hours.