Precision Printing are a multi-award-winning company offering creative solutions for everything from direct mail campaigns to traditional litho printing, as well as displays and exhibition stands. Established in 1966, they employ 186 staff across three locations, with sales in 2019 forecast at £28 million.
Compass Business Finance have been providing asset finance to Precision Printing for almost 15 years, being the predominant funder for new equipment purchases. Although Precision always carry out due diligence and compare options, they’ve found that Compass usually offer them the best solution.
Gary Peeling, CEO, said, “Compass are easy to deal with, they understand the market and are able to find the right lender, their set-up costs and fees are in line with the market and they can source the best rates. Plus, they understand the industry, so they’re able to move quickly.”
A New Challenge
In 2016, Precision Printing decided their London site was no longer adequate to house the office and production facilities based there, as the business had grown beyond the capacity of the building. Gary commented that, “lack of space was starting to be the beginning of every discussion regarding any opportunity, and that wasn’t healthy.” So, they began a project to move to new premises, increasing their space from 3,300m2 to 5,100m2, whilst also creating greater production efficiencies.
Gary explained that, “the new building was a shell, requiring £100,000s worth of investment in infrastructure, before we could think about moving in. Asset finance for projects like this is increasingly difficult to get funded by banks, and our capital expenditure was going to be over £1.5million. Compass, however, were pivotal in working with our quantity surveyors and project managers to be able to make the finance for the project work.”
The building work was completed towards the end of 2017, and looking back Gary says, “Compass made the difference of being able to carry out the project, without them we wouldn’t have been able to, this project was fundamental to our growth. The industry expertise and understanding that Compass had of our business was key.”
“Our relationship with Compass enables us to focus on opportunities and return on investment rather than having to think about finance.”
Gary Peeling, CEO