Finance Agreement Transfer

pnemcwilliams

Hi all, I'm new to this but need a bit of advice on a finance agreement....
I am looking to take on a finance agreement for machinery from the company I work with. The company is a (sole trader) and he is winding the company up, but I am looking to take over the finance agreement which is with Lombard Finance and start out on my own as I know I can continue to trade profitabily.. I have completed a business plan and have agreed a 2 year fee free business account with my bank and I am putting in £10k of my own money.
You may ask why is he winding the company up? it's due to 2 factors, bad health and his own personal financial circumstances and not the business's profitability..
I have contacted the finance company and have furnished them with business plan with previous figures and future projections. I'm just wondering does anyone know if it's a simple process or is there anything I should do to make things easier.

any response would be greatly appreciacted!

thanks

Rafter

Difficult to say. It depends how much the equipment is worth and therefore whether Lombard want some additional security from you - such as the equity in your house.

You should be able to buy a book or get one from a library with hints and tips on setting up in business and the differences between a limited company and a sole trader operating in their own name.

Worth spending some time with your employer too and finding out as much as possible about how he runs the business, public liability insurance, accountants etc so you know what you are taking on.

Good luck

R.